'No doubt about India's investment potential'

SINGAPORE: Ease of doing business is a top priority of the Indian government and there is no doubt about the potential of investment opportunities in the country, a senior business executive from the country said here today.

"Ease of doing business is a big effort by the government," said Gopal Jiwarajka, President of the PHD Chamber of Commerce and Industry, at the India-Singapore Investment Summit.

"The potential of our country is not in doubt in term of investments in Infrastructure and consumer demand because of large population," he said, but noted the international business community's biggest concern is regulations and stability.

"Indications are very clear. Taxation will be stable and moderate. We are moving to much more moderate tax regime," said Jiwarajka of the new tax regime and the implementation of the Goods and Services Tax from next April.

He highlighted "the will of the political leadership to really make changes and let India find its position in global economy is being realised."

The summit is to share knowledge, project proposals and take back feedback from international private sector investors.

"PHD will strive to address business related regulatory issues being faced by the private sector investors relating to their projects in India," assured Jiwarajka.

"Going forward, PHD would also like to play a role in match-making businesses between India, Singapore and the South East Asian region," he said.

"We will be identifying partners for Singapore and regional companies in India and Indian businesses in Singapore," he said.

The summit was inaugurated by India's High Commissioner to Singapore, Jawed Ashraf, who called on Indian business community to present specific projects, concrete ideas and proposals in meetings with international investors.

"We must be here with specific projects, concrete ideas and proposals, so when you leave, you have actually begun a dialogue with some partners on potential, specific investments," said Ashraf in a call to woo investors.

Speaking at the summit, Singapore's Ambassador at large, Gopinath Pillai noted the increasing investment opportunities in India.

"We feel that there are still opportunities," said Pillai, elaborating on Singapore being among the biggest investors in India.

Most of Singapore investments were made by Temasek and Government Investors Corporation (GIC), both state-investment agencies, noted Pillai, also chairman of the Institute of South Asian Studies, a think-tank at the National University of Singapore.