India is hosting its global Diaspora in a three-day meet. More than 1000 participants, including a delegation from Singapore, are in the country to discuss ways to enhance trade opportunities and cultural relations.
More than 200,000 Indian expatriates living in Singapore are making their presence felt in business and cultural life of the country.
According to Singapore's Minister for Community Development, Youth and Sports Dr Vivian Balakrishnan, the Indian Diaspora has played an important role in enhancing bilateral relations.
A fourth generation Indian, Minister Balakrishnan feels the Diaspora can act as a soft power to project India's growing economic strength.
He said: "We want to remind the Indian government as well as Indian businesses that we continue to be a viable, focal point for Indians who want to do business in Asia Pacific, especially in Southeast Asia.
So it is really about opportunities both for Singapore companies in India and Indian companies in Singapore."
More than 4,000 Indian companies are operational in Singapore. Bilateral trade has been growing at over 30 per cent annually.
And with the ASEAN-India Free Trade Agreement that came into effect from January 1, the trade is set to grow even more.
The FTA agreement, considered the world's largest, will slash tariffs for over 4,000 product lines over a staggered period, by 2016 making imports from ASEAN countries, including Singapore much easier.
Vijay Iyengar, chairman, Singapore Indian Chamber of Commerce and Industry, said: "We are looking at opportunities in India. Every state of the country is here and more and more states are coming to make their presentations at the Global Diaspora meet. This itself shows that the states are seeing the importance of this event and for us to interact with different businessmen of each state is a very important thing."
The Indian government is also encouraging the expatriates to invest in the country.
India is one of the world's biggest recipients of expatriate remittances.
Their savings totalled nearly US$50 billion last year.
But the Prime Minister has asked the Diaspora to turn their savings into investment through Foreign Direct Investment into the country.
The government has opened an "Overseas Indian Facilitation Centre" to promote two-way interaction between the overseas Indian community and Indian businessmen.
India is growing rapidly and the Diaspora is a part of the larger network that can amplify the country's success and create more opportunities for the Indian companies as well as Indian entrepreneurs.
The Global Diaspora meet has provided a platform for overseas Indians to exchange ideas and support India's development.
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