ONE of Singapore’s oldest trade associations marked its centenary over the weekend with a commitment to focus on internationalisation, digitalisation and sustainability in its immediate future.

The Singapore Indian Chamber of Commerce and Industry (SICCI) said in a statement that these priorities exemplify its “unwavering dedication” to expanding global outreach, harnessing technological advancements, and championing sustainable business practices.

“Since the chamber’s humble beginnings in 1924, we have helped pave the way for many local Indian businesses and contributed to the Singapore story for the past 100 years in many ways,” said chairman Neil Parekh.

“We are excited to embark on the next 100 years and look forward to empowering our members to thrive in the dynamic global economy.”

Parekh, who is also a Nominated Member of Parliament, said this at a dinner held at the Shangri-La Singapore hotel on Saturday (May 4) attended by some 700 guests including President Tharman Shanmugaratnam, Health Minister Ong Ye Kung, business leaders and diplomats.

More trade missions

Parekh, who was recently re-elected as SICCI chairman for a second two-year term, said that nearly 125 businesses took part in five trade missions that were organised and led by SICCI in conjunction with Enterprise Singapore and other associations over the last two years.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Many of these companies went on to sign agreements on actual business opportunities during these international missions, he said.

“More such international missions are on the cards to specific states in India as well as opportunities in the region including the upcoming Johor-Singapore Special Economic Zone,” he added.

There are plans to expand these visits to Europe and the Russian Federation by organising joint missions overseas with sister trade associations and chambers of commerce, said SICCI in its statement.

On digitalisation, SICCI will equip its members with insights into cybersecurity, artificial intelligence, fintech solutions and payment gateways, among other digital economy solutions.

Spirit of adventure

In his speech, President Tharman said that Singapore’s relations with India – one of the world’s fastest growing economies – have grown in both depth and breadth.

He added that increased trade and business linkages are of interest to both countries.

“In the digital space, Singapore has been the first to tie up with India in fast retail payments (the PayNow-UPI linkage), and there is opportunity to go further to connect our digital economies,” he said.

Other areas of cooperation include sustainability, where India has “immense potential” as a renewable energy power, he said.

He also cited India’s emerging semiconductor sector, where he pointed out that Singapore’s ecosystem – from chip fabrication to financing and capacity building in the smart manufacturing space – can add value.

“I encourage more of our Singapore companies to visit India, and in particular to explore different Indian states in more depth,” said the president.

He noted that SICCI has been active in promoting these opportunities for Singapore businesses over the years.

At summits in Tamil Nadu and Gujarat in January this year, Singapore companies announced a total of nearly S$10 billion in committed investments into both states across sectors such as sustainability, infrastructure and technology, he said.

President Tharman cited the example of LionsBot, a Singapore developer and supplier of autonomous industrial cleaning robots that established its first overseas technology development centre in Chennai in 2022. 

LionsBot has plans to partner top universities in Tamil Nadu to set up training laboratories as well as design hardware and software courses.

“We have to promote an awareness of opportunities in India among more Singaporeans. The awareness is not widespread. We must build up the spirit of adventure, not only among Indian Singaporeans but Singaporeans of all ethnicities,” said President Tharman.