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India looks at Singapore as ally for Asian projects

India is looking to Singapore as a partner for markets in North Asia, South-East Asia, Australia and across the Pacific, Union Finance Minister Yashwant Sinha said on Monday.

In a bid to woo more investors from Singapore, Sinha told the local media that the economic co-operation task force comprising Singapore and Indian officials has started 'to identify areas for intensifying economic engagement'.

Among them are the technical details of a free trade pact, which, if concluded, would be India's first outside South Asia.

Singapore has a free trade agreement with New Zealand.

Negotiations are under way or scheduled for similar pacts with the United States, Japan, Mexico, Australia and Canada.

Sinha's two-day visit to Singapore was scheduled to wrap up later on Monday following a call on Prime Minister Goh Chok Tong.

India last week opened up airports, hotels, townships, pharmaceuticals, mass rapid transport systems and courier services to 100 per cent foreign investment.

The foreign investment limit in the banking sector was also raised to 49 per cent. New Delhi also opened up the sensitive defence sector as part of its economic reforms.

"We are looking at Singapore as a partner for the markets in North Asia, South-East Asia, Australia and even across the Pacific, Sinha said.

Within India, he said investors should focus on infrastructure projects, hotel, tourism and township development sectors for opportunities.

On Sunday, Sinha met Trade and Industry Minister George Yeo, who met him in New Delhi last November.

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