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PUNJAB, India: India's Northern states can use Singapore as a springboard to invest in East and Southeast Asian countries such as China and Vietnam.
Senior Minister Goh Chok Tong said this to a group of Indian businessmen in Chandigarh, the capital of Punjab state, where he is currently visiting.
He said: "Huge companies like the Tata Group don't need Singapore, they can go anywhere on their own. But Singapore can help small- and medium-sized enterprises to grow outside India – in East Asia and Southeast Asia. My purpose here is to see if this can be the beginning for both sides to do something together."
Other areas of cooperation are tourism, IT application and infrastructure development.
Satish Bagrodia, Senior Vice President, PHD Chamber of Commerce and Industry, said: "Infrastructure includes roads, bridges and hotels. New Delhi is hosting the Commonwealth Games in 2010, and there are other opportunities and convention centres."
In a meeting on Monday with Punjab's top businessmen, Mr Goh said he sees investment opportunities in the Northern states like Punjab and Haryana, and Singapore is trying not to make the same mistake with India as it did with the Middle East.
Mr Goh said although he has managed to open up the Mideast for Singapore, the country has missed many opportunities.
He explained: "My own regret is that I should have done that five years earlier in the Middle East. We did not know that they have developments other than oil. Before this, as long as we could get oil from the Middle East, we did not have to worry too much about what was happening over there. So we were too slow.
"But it's never too late from my point of view. With you on the other side helping us, we can get to know this region very quickly and very well."
Mr Goh said he is confident India will see double-digit growth in a year or two of about 10 to 12 percent.
He noted that while the country is growing briskly, it is "underperforming" the potential of the economy.
During a meeting with Chief Minister of Haryana, Bhupinder Singh Hooda, SM Goh was given a comprehensive briefing on the economic developments in Haryana and its future plans.
They also discussed possible opportunities for Singapore companies in Haryana.
Mr Goh has called on the Chief Minister of Punjab, Parkash Singh Badal, at his residence as well. At this meeting, they talked about economic developments in Punjab and possible areas of cooperation.
The Senior Minister, who arrived in India on Sunday, is accompanied by Senior Minister of State Dr Balaji Sadasivan, MP K Shanmugam and senior officials from the Ministry of Trade and Industry.
He returns to New Delhi on Wednesday where he will meet with India's Prime Minister, Dr Manmohan Singh, and other leaders.
Some members from the Singapore business community are also with Mr Goh to explore opportunities in Northern India.
- CNA/so
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