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09 Dec 2003
Speech by Mr Teo Ming Kian, Chairman of the Economic Development Board, at the Tata Consultancy Services International Headquarters Award Presentation Ceremony, Tuesday 9 December 2003 at 2pm at the Equinox, Swissotel
Mr Ramadorai,
Distinguished Guests,
Ladies and Gentlemen,
- Good afternoon. It is a pleasure for me to be here to present the International Headquarters award to Tata Consultancy Services or TCS. Let me also welcome our friends from overseas to Singapore, in particular, Mr Ramadorai, who was just here two months back for the Global Entrepolis @ Singapore conference in October.
- Today's event marks a significant milestone for TCS in Singapore. TCS Singapore will use its regional base here to expand its business across the Asia Pacific, outside India. It joins the more than 3600 regional headquarters of multinational corporations in setting up such responsibilities here.
- The influx of Indian enterprises and multinational corporations into Singapore is a more recent phenomenon. But the number is growing strongly.
- There are now some 1,500 Indian companies in Singapore, and of these, more than 450 are high tech companies. They are engaged in manufacturing, IT, venture capital, business process outsourcing and intellectual property management activities. 19 of the top 20 NASSCOM enterprises are here. There is also a private Indian school here to serve the growing expatriate Indian community.
- Indian companies come here for our robust infrastructure, pro-business policies and stable social political environment. They leverage on our connectivity to the world markets, with easy access to the over 6000 multinational corporations present here, and our logistics hub.
- One recent example is a material and packaging manufacturer for pharmaceuticals and nutrition products. Last month, the Indian manufacturing company announced its plans to expand outside of India by using Singapore as its regional manufacturing and R&D base to leverage on our excellent brand equity and extensive air, sea and IT connectivity to reach different regional markets such as Indonesia, Malaysia, Vietnam and China.
- Indian companies come to Singapore too for Intellectual Property creation and management. They collaborate with our tertiary and research institutions as well as other enterprises to exploit the intellectual capital that has been built up over the years. They leverage on the strong IP protection regime here to capture the full value of the intellectual property as they market to the world.
- We will further strengthen the infrastructure and our pro-business and pro-enterprise environment so all companies based in Singapore, large or small, may operate at their maximum advantage in Singapore's open, globalized and diversified economy. We will continue to proactively pursue fair and open trade through free trade agreements to extend access to world markets.
- We have just concluded the sixth negotiation round on the India-Singapore Comprehensive Economic Co-operation Agreement last week. Discussions have been very fruitful thus far and we can expect the Agreement to be concluded by middle of next year. I am confident that when this agreement is sealed, it will put in place an even stronger framework for collaboration between India and Singapore.
- Already many Indian companies and entrepreneurs see excellent opportunities for networking and for expanding into the region and to the world from here. Just two months back at the Global Entrepolis @ Singapore event, we hosted over 400 leading Indian entrepreneurs under The Ind-US Enterprise or TIE Conference. Participants found in Singapore a unique platform to exchange and trade their ideas, technology as well as to connect for business networking.
- TCS' enhanced presence in Singapore through the manifestation of this IHQ award is indicative of the growing connection between India and Singapore. My heartiest congratulations to the management and staff of TCS, for this award. I would like to take this opportunity to wish you and everyone in the company great success and continued growth. We look forward to a long and rewarding partnership with TCS. Thank you.
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