SouthEast Asia is the next big market of the world, and the region is and has been for some time now, the hub of most business activity. Whether in terms of economic activities, startup buzz or innovations – this is the place to be. These are being aided by policies by various countries in the region. And taking the lead are the governments of India and Singapore.
Even as several countries are making it easier to set up and operate a business easier than ever before, India and Singapore have unique advantages. While Singapore has the second highest rank on the ease of doing business index, India offers an unprecedented opportunity with a largely untapped market.
Both the countries are currently uniquely positioned to augment each other's growth and can together create a scalable impact. By building a stronger bridge for the flow of ideas, the countries can complement each other when it comes to entrepreneurship, fund flows, and mentors.
Some of the sectors that offer partnership opportunities between India and Singapore include fintech, healthcare, renewable energy, public infrastructure, edtech and technology for the next billion.
India has a huge population that is poised to join the Internet community over the next few years, and with affordable connectivity available, these Indians continue to grab the imagination of the world.
With a large energy-hungry population, India has a huge potential for renewable energy and the government is opening up the sector for overseas investments. According to data from the Department of Industrial Policy and Promotion, more than $42 billion has already been invested in India’s renewable energy sector since 2014, and the Ministry of New and Renewable Energy has set an ambitious target to set up renewable energy capacities to the tune of 175 GW by 2022. Of this, about 100 GW is planned for solar, 60 GW for wind and the rest is for hydro, bio, among others.
Singapore, on the other hand, already has a thriving business ecosystem and plays host to some of the largest financial companies in the world.
Together, with India’s huge potential and market, and Singapore’s influencers and developed business ecosystem, the countries stand to gain much from this collaboration.