India Is Investment-Friendly, Singapore PM Told

Prime Minister Manmohan Singh with his wife welcoming Singapore's PM Lee Hsien Loong and his wife at Rashtrapati Bhavan New Delhi on 11 July 2012. Premier Lee is in New Delhi on a two-day state visit to strengthen bilateral ties between Singapore and India. Photo courtesy ptinews---NNN

NEW DELHI (NNN-Bernama) -- Prime Minister Manmohan Singh on Wednesday assured Singapore Prime Minister Lee Hsien Loong that India is an investment-friendly country.

Lee, who is on a three-day visit to the country, had earlier described the business environment in India as "complicated" for investors who sought policy stability, Press Trust of India reported.

During Lee's visit, India and Singapore inked three pacts including one in the field of defence and security following discussions on international, regional and bilateral issues between the two prime ministers.

Singh, who said Singapore was not only India's foremost trading partner in ASEAN but also a major source of Foreign Direct Investment (FDI) inflows, said at a press event: "We agreed to expedite the conclusion of the ongoing second review of the Comprehensive Economic Cooperation Agreement that would further facilitate trade in goods and services and investment.

"In this context, I assured Prime Minister Lee of India's commitment to reinforce its status as an investment-friendly country and expressed my hope that Singapore companies would look at India as a valued investment destination in the current scenario."

In a meeting organised by the business chambers earlier, Lee said: "I think India's environment is complicated. When investors make a decision they want stability and reliable partners. They look at the prospect and possibilities.

That's the way all businesses happen."