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NEW DELHI: India and Singapore have great potential to increase bilateral trade, according to Singapore's Minister Mentor Lee Kuan Yew.
Speaking at a Singapore Symposium in New Delhi, organised by the Institute of South Asian Studies and the Confederation of Indian Industry, Mr Lee said he also sees India playing a greater role in South East Asia.
Singapore is India's largest trading partner in the Association of Southeast Asian Nations (ASEAN) region.
After the Comprehensive Economic Cooperation Agreement (CECA) became operational four years ago, Singapore investments in India have increased considerably, and bilateral trade has been growing at over 30 per cent annually.
Singapore is keen on setting up a multi-product special economic zone in India, but the plan has been delayed.
Singapore contributes nine per cent to India's FDI inflow. Mr Lee said that this investment could be much higher if India takes care of its bottlenecks in trade and infrastructure that are hampering the development of the country.
"Free your bureaucracy from successive control, allow your entrepreneurs to expand," said Mr Lee. "And if you can get your infrastructure in place, then you can have massive FDI inflows, which will provide tens, if not hundreds of millions of jobs."
Mr Lee also said India and China are helping the smaller countries in Asia tide over the economic crisis. The economic progress made by both Asian giants has created better trading opportunities for their smaller neighbours.
Mr Lee said: "Asia has a less disadvantage, or is less affected by American setback because of India and China. These two big countries have the population and the internal dynamics to keep growing.
"They have kept growing at around eight per cent. So that has kept the region, at least South East Asia, more buoyant than other regions."
Mr Lee is in India on a four-day official visit. He earlier met India's Prime Minister Manmohan Singh, and the two leaders reviewed the substantial progress made in bilateral relations over the past few years.
- CNA/yb
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