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SINGAPORE: Ties between Singapore and India are set to grow even further as some 600 non-resident Indians gather here for the Global Indian Diaspora conference this week.
This is the first time the Pravasi Bharatiya Divas conference is held out of India, since it started a few years ago.
The Singapore conference will be opened this Friday by Prime Minister Lee Hsien Loong.
Senior Minister Goh Chok Tong will share his insights at a luncheon session, while Minister Mentor Lee Kuan Yew will take part in an interactive dialogue with the participants.
From India, three ministers will be attending the conference. They are the Minister for Overseas Affairs, Mr Vayalar Ravi; Commerce Minister Kamal Nath and the Indian Minister for Science and Technology, Mr Kapil Sibal.
The number of overseas Indians, or better known as non-resident Indians, is growing worldwide.
And the Singapore conference, which begins on Thursday, will provide a platform for the Indian diaspora in the Asia-Pacific region to explore emerging business opportunities in India.
And there are two reasons for Singapore to organise the conference.
Singapore Senior Minister of State for Trade and Industry, S Iswaran, said: "The first, if you like, is a cultural argument. We have strong historical ties with India and we have a sizeable Indian community in Singapore. Singapore is an important node of the Indian diaspora.
"The second element is an economic one. We have over the last decade and a half (been) developing our economic ties with India with a brisk momentum.
"But this has seen a sharp rise in the last five years or so, which coincides with the signing of the Comprehensive Economic Cooperation Agreement, CECA"
A key indication of the growing ties between Singapore and India is the extent of bilateral trade between the two countries.
According to Mr Iswaran, this has trebled from S$7 billion in 2002 to S$24 billion last year. Also, nearly 3,000 Indian companies have set up their operations here in Singapore.
Mr Iswaran said the conference in Singapore has a business theme and several topics will touch on the current global economic conditions.
The Singapore organisers have visited several countries in the region to have roadshows on the conference and response has been encouraging. - CNA/vm
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