Was just reading an old issue of Businessworld and came across this Country feature on Singapore. As per BW’s reports, this small island nation (man, can we even call that place a nation) is probably the next biggest thing in Asia as far as trade and services go.
The fact that most businesses in Singapore as well as its Government has come out of its anti-China mindset and has begun looking further westward into Asia and its ASEAN neighbors is evidenced by the fact that Temasek Holdings and the Government Investment Corporation of Singapore have pumped in a considerable amount of money into India in the past few years.
Singapore businesses and its Government are betting big on India simply because of the fact that after China, it is the most populous country in the region, and Singapore itself, has always been positioned as a trans-shipment hub. This necessitates the existence of markets in nearby regions for Singapore to flourish. And since China already manufactures most of the stuff that Singapore already deals in, it is compelled to look at other markets. This is where India and other ASEAN countries enter the picture.
However, the fact that India might just be the next UN Security Council member has also helped India to no lesser extent as it is in the process of signing a Free Trade Agreement with Singapore. While it is all hunky-dory to say that we’ll increase our bilateral ties with Singapore, India has to be careful to see to it that we are not unduly exploited by the crafty businesses back there. Like I mentioned earlier, being a huge trans-shipment hub, there are high chances of potential dumping of cheap goods into India from Singapore. Hopefully, the economic brains of the country have already foreseen this to some extent and are working their way around that.
Looks like exciting times for Indo-Singapore ties in the near future.
Dilbert-speak: Offer a rationalization for your non-compliance that is so complicated that your boss can’t tell if it is a perfectly good reason or your digestive system has inexplicably reversed directions. Pile the buzzwords high and deep.