Going by the international business trends, Artificial Intelligence is the future and Indian business leaders agree. They have been trying to convince Singapore to collaborate on Artificial Intelligence (AI) and Machine Learning (ML) in areas like infrastructure NSE, education, healthcare, smart cities, 5G and
electronic manufacturing.
The response from them seems favourable as Singapore business leaders have also recommended reducing the tax rate from 15% to 10% under the Singapore-India Tax Treaty; a similar rate they follow with other countries. Moreover, some business leaders have even urged their governments to bring it down to 7.5% considering the strategic relationship between India and Singapore. These recommendations from the stakeholders seem like a step in the right direction.
The first meet of the Singapore-India CEO Forum was conducted on 14 November 2018, following which they signed the ‘Joint Intention Document’. The Document was signed by Mr Harshavardhan Neotia (erstwhile president of the Federation of Indian Chambers of Commerce and Industry) and Gautam
Banerjee (Chairman of Singapore Business Federation).
Singapore is a strategic partner of India and the launch of the Singapore India CEOs Forum as a high-level bilateral consultation mechanism will support the enormous potential for expanding bilateral trade and investments between the two countries, Neotia quoted in the report. They seek a 100% increase in bilateral investments (from 125 billion USD to 250 billion USD) by 2023.
