The top Indian business leaders have insisted Singapore team up on Artificial Intelligence (AI) in verticals such as smart cities, 5G, infrastructure, electronic manufacturing, and predominant social issues in health and education. Similarly, the business tycoons of Singapore have also called out for a reduction of tax under the Singapore-India Tax Treaty from the present, i.e., from 15 percent to 10 percent, which is equal to the other countries or it can also be 7.5 percent, which is a strategic relationship of the two countries.
According to one of the major source, i.e., weekly Tabla reported that these suggestions and ideas came in, by following the signature treaty of a Joint Intention Document, which is a part of the first Singapore-India CEOs Forum that was held on November 14, 2018, Friday. The Joint Intention Document targets to double the two-pronged investments that will rise up to USD 250 billion within the next five years and was signed by the former president of the Federation of Indian Chambers of Commerce and Industry, Harshavardhan Neotia and Gautam Banerjee, chairman of Singapore Business Federation’s (SBF) South Asia Business Group.
“Singapore is one of the major and renowned strategic partners of India. The launch of the Singapore India CEOs Forum as a high-level bilateral discussion mechanism that will eventually support the massive potential. This will actually expand the bilateral trade and investments between the two countries,” Neotia was quoted as saying in the report.