ADDRESS BY MR S. ISWARAN, SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY, AT THE PBD CONFERENCE 'WELCOME RECEPTION CUM NETWORKING'

ON 9TH OCTOBER 2008, BALLROOM, PAN PACIFIC MARINA

Deputy Prime Minister S Jayakumar

Honorable Ministers

Excellencies

Distinguished Guests

Let me first extend a warm welcome to all delegates to the Pravasi Bharatiya Divas or PBD in Singapore.My colleague, Dr Balaji Sadasivan, who has been intimately involved in the organization of this event, is unable to join us and address you this evening as he is on medical leave.He has asked me to convey his best wishes to all of you.We wish him a speedy recovery.

Since its inauguration in 2003, the PBD has served as an important and regular platform for the Indian Diaspora to keep abreast of and contribute to the socio-cultural and economic developments in India.

Given the sizeable Indian population in Singapore and our connectivity with the Indian Diaspora, particularly in the Asia-Pacific region, Singapore is happy to partner India’s Ministry of Overseas Indian Affairs to host this, the first PBD event in Asia outside India.

India and Singapore enjoy deep historical and cultural ties.In more recent times, our bilateral economic relationship has also grown from strength to strength.The signing of the the Comprehensive Economic Cooperation Agreement (CECA) in 2005 was an important milestone which has further catalysed trade and investment flows between our two countries.

India’s economic links with our region will undoubtedly be further enhanced by the imminent signing of the Trade in Goods Agreement for the ASEAN-India Free Trade Agreement (AIFTA). This regional agreement will bring together the vibrant markets of India and ASEAN and the regions beyond.

The rise of Corporate India and the internationalization of Indian businesses, through organic growth and mergers & acquisitions, is now a matter of fact.In tandem with this growth, many Indian companies have long recognized Singapore’s attractiveness as a springboard for their activities in South-East and East Asia, with more than 3000 already operating here.These are positive developments which further buttress Singapore’s role as an international business hub and gateway for India.

It is, therefore, apt that this PBD in Singapore has a business and economic focus.Over the next two days, we will have the opportunity to hear from eminent speakers, moderators, and special guests.These experts and business leaders will provide their insights and share their views on a range of issues which would be of great value to anyone with a current or potential interest in India.

I am pleased to note that delegates to this conference have come from as far afield as the US, Middle East and Australia. It is my hope that the PBD in Singapore will be an effective forum for the delegates to network and generate ideas to take advantage of the abundant opportunities that exist within India and in India’s growing connectivity with the Asia-Pacific region..

I wish everyone a fruitful Pravasi Bharatiya Divas and a memorable stay in Singapore.