Bengaluru’s tech start-ups could provide a new foundation for improving bilateral trade relations between Singapore and India, Singapore’s minister-in-charge, Trade relations, S Iswaran said on Friday on the sidelines of TechSparks, a startup event.
Iswaran also announced the inclusion of Bengaluru as a member city of the Global Innovation Alliance (GIA) which has a host of start-up firms from among 12 global cities including Bangkok, Beijing, Suzhou, Shanghai, Berlin, Munich, Jakarta, Paris, Tokyo, San Francisco and Ho Chi Minh cities. The minister said that despite the ‘so called downturn’, the total bilateral trade amounting to USD 26.4 billion between Singapore and India in 2018 is expected to double this year.
"We have shared good trade relations with India over past many decades and the vibrant start-up ecosystem in India provides further impetus to our trade ties with India," he added. Iswaran also announced signing of four Memorandam of Understanding (MoU) for collaborations on networking and investment fronts between Singapore and Indian firms.
"Infact one of the MoUs we signed was with the Karnataka Dy Chief Minister, CN Ashwath Narayan where he expressed his willingness to work with the Singapore government so that start-ups in Bengaluru and Singapore collaborate seamlessly," the minister said. A business delegation comprising Singapore’s tech start-ups and other companies which accompanied the minister also met with the key corporate leaders and government officials in Bengaluru to explore the future opportunities.
"We are trying to work with India on simplifying the regulatory framework that would help the corporates in both the countries to work in a smooth manner. Start-ups which are working on innovative business models can seek investments opportunities from a huge network of VCs/ angel investors in Singapore."