Amcham Singapore Business Mission
Amcham Singapore Business Mission
Amcham Singapore Business Mission
NEW DELHI, March 16, 2011: A delegation of the American companies (AMCHAM) operating in Singapore led by U.S. Ambassador to Singapore H.E. Mr. David Adelman is in India to explore business opportunities and investment potential in India.
During this visit, AMCHAM delegation from Singapore met the senior officials of Federation of Indian Chamber of Commerce & Industry in New Delhi whereKPMG briefed the delegation on "Doing Business in India".
Mr. Richard Rekhy, Head of Advisory Services, KPMG in India said "India is an integral part of South East Asia and the corporation on the trade front in the past few years has accelerated a number of agreements between the two. It is important that Multi National Company's and Transnational Company's operating in Singapore look at India as a lucrative investment destination and realize the sheer potential on this nation. India is going through huge regulatory changes with IFRS, Good's and Service's Tax, The Direct Tax Code and the New Companies Bill which will help improve the robust and transparent governance mechanism in place for corporate India. This would give further confidence to investors looking to invest in this vibrant nation. India and Singapore need to ensure that their bilateral trade and investment is integrated into the wider India-ASEAN economic engagement framework. This would be the key to future success of the India-Singapore economic partnership."
AMCHAM - Singapore discussed the "Economic Update on India" with senior industry leaders Mr. Indranil Sengupta, Chief Economist, Bank of America India and Ms. Kaku Nakhate, President & Country Head Bank of America Merrill Lynch India.
Mr. Atul Dhawan, National leader Clients and Markets Deloitte Haskins and Sells presented a broad picture of the Indian economy at a glance and said, "India is seen as the 3rd largest economy and the 2nd favorite destination for FDI, with China being the first. The bulk of the Indian investment goes into new technologies. Less than 40% of the technology is dependant on foreign trade. Inspite of largest pool of scientific and technical manpower, a strong intellectual base, our market is still not fully tapped. India will be the 5th largest consumer market by 2025" Looking at India as an investment destinations we need to stress on Infrastructure, Defense, Pharmaceuticals, Automations, Agriculture, Health, Education & Real Estate.
Mr. Ranji Dua, Managing Partner Dua Associates expressed his concern about the governance issues. Mr. Dua said, "India has good laws but there is no reinforcement, therefore our legal system is lagging."
CEO of Exxom Mobil Gas India Pvt Ltd., Mr. Paul L Kleijnen, raised the key issue that the US companies are facing in this industry. He said, "We have subsidized products like kerosene etc in India because of which their market suffers."
"Legislation, Procurement and security are the major issues Raytheon wants to work on with the Indian Government. Cyber security is an important issue for them in India." said Mr. William Blair- President Raytheon India (Raytheon International Inc.)Sanjay Banerjee - MD Zimmer India Pvt Ltd said that Medical equipment Industry will be 5 billion dollar in India by next year. Capacity creation in hospitals was an issue. The challenges are related to Infrastructure in India. The biggest challenge is that there are no specific regulations for the medical equipment, and this industry is asked to follow the regulations for the drugs, which itself poses to be a great challenge.
Mr Ajay Singha- Executive Director Amcham India said, "The government of India should see Business as their own partner and should involve the businesses in the decision making process."
The delegation members were David Adelman ,U.S. Ambassador to Singapore; Laura Deal, AMCHAM Singapore - Executive Director; Anne Marie Brooks-, AMCHAM Singapore Government Relations Manager; Rehan Khan, Abbott Laboratories; Kirpal Singh, Bell Helicopter; Arjun Sarker ,Covidien; Manoj Chugh, EMC; Bobby Singh , Jabil; Steven Hodge, Jabil; Bruce Ellsworth, Johnson & Johnson; Jean-Luc Butel, Medtronic;Milind Shah, Medtronic; Tim Love ,Omnicom; Prakash Pillai , Rajah & Tann; Brad Maclean, Sungard; Manish, UL; Nadarajah Bala, United Technologies; Garry Walsh, APCO; TBD, Oracle; Yang Yumin, Conoco Phillips.
A similar delegation from India went to Singapore on March 2-3-4 2011 for the regional summit of the American Companies operating in the Asia Pacific Region. The summit had extensive interactions between US government officials responsible for trade promotion in Asia Pacific and representatives of American Companies who are active in the region. The delegates of the Singapore Delegation Mr. Richard Rekhy, COO, KPMG Mr. Deep Kalra, Chairman & CEO, MakeMyTrip Ltd. Mr. Ranji Dua, Managing Partner, Dua Associates.Mr. Vipul Shah, President, South East Asia and India, Dow Chemical Pacific (Singapore) Pvt. Ltd Mr. Bharat Bhatia, Regional Director, Global Government Affairs, Motorola India Limited Mr. Ajay SIngha, Executive Director, AMCHAM India expressed their concerns on governance issues and also on the fallout on foreign investments comparing the investment climate between Asian countries besides strategies for increased US engagement in the Asia Pacific Region.
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