Strategic Collaborations between India and Singapore to Shape Global Transformation

India and Singapore are well-poised to drive a new era of global transformation. With increased sustainability, equity, and opportunity, the two Asian countries offer tremendous business potential to rapidly expanding firms. Singapore President Tharman Shanmugaratnam pointed out this lucrative commercial prospect during his speech at the 20th anniversary of the ISAS (Institute of South Asian Studies) at the National University of Singapore. He stated that although there’s a global trend of re-emerging industrial policies among major economies, both India and Singapore have the agency and capability to shape a stable and prosperous future.

Naturally, forward-thinking businesses will be looking for company formation in India and Singapore to capitalize on the growth potential.

A Shift in Global Economic Policies

Shanmugaratnam pointed out a significant resurgence of industrial policies like subsidies and tax breaks strengthened specific domestic industries. These policies resemble the ones formulated in the 1960s and 70s, and are making a comeback at a significant rate. The IMF states that in 2023, there were as many as 2,500 such interventions. Among these, two-thirds were designed to domestic interests over foreign competition.

However, such actions were not necessarily based on fresh evidence or a comprehensively evaluated reassessment of economic prosperity. Rather, they were based on competitive and reactive impulses among nations.

India and Southeast Asia: Strategic Middle Powers

Shanmugaratnam also pointed out that India and Southeast Asia are responsible middle powers. They have the potential to collaborate with nations sharing a similar mentality to reinforce multilateralism. Although multilateralism isn’t free from flaws, it has been crucial in restoring global stability. It has benefitted countries across various economic spectrums for decades.

President Shanmugaratnam also outlined how neither India nor Singapore is entangled in the major geopolitical conflicts, which gives a unique advantage to both the nations. He highlighted that the majority of the populations in these regions are optimistic about their future. This is a rare sentiment in today’s world. With over a quarter of the global population and 15% of the world’s GDP, India and Southeast Asia are also the fastest-growing regions globally. This positions them as crucial players in the upcoming decade.

Strategic Recommendations for the Future

Shanmugaratnam offered three key recommendations to help businesses explore the global landscape and capitalize on emerging opportunities.

• Focusing on domestic capabilities: Rather than engaging in protectionist policies, he stated that countries should invest in developing their own capacities. Innovation, driven by a competitive environment, continues to be the fundamental driver of long-term economic growth.
• Collaboration across sectors: Organizations often find developing individual potential and upgrading skills to be a complex task. It requires close cooperation between governments, businesses, unions, community organizations, and educational institutions. Therefore, these efforts should be supported by inclusivity to maintain political consensus for open and fair economic policies.
• Building global coalitions: India and Southeast Asia need to work with other responsible partners to tackle global challenges. For instance, the transition to sustainable energy calls for collective efforts. In this way, the region can shape a more stable and prosperous global future.

Strengthening Bilateral Relations

Shanmugaratnam expressed optimism about the future of bilateral relations between Singapore and India. He appreciated the leadership of the Indian Prime Minister Narendra Modi, stating that his recent electoral victory reflects the positive impact of his policies on the lives of millions of Indians. As India continues to grow under the same leadership, it will strengthen and deepen the bilateral ties between Singapore and India.

Professional Assistance to Form a Company in Singapore

At a time when the world is witnessing economic uncertainty with shifting global policies, India and Southeast Asia have the potential to lead by example. These two countries need to focus on innovation, collaboration, and strategic partnerships to secure their own national interests as well as contribute to a more equitable and sustainable global business ecosystem.

Emerging brands looking to expand overseas are seeking professional advisory services from the IMC Group during their company formation in Singapore . With experts guiding these entities on the right track, businesses can quickly capitalize on the tremendous commercial potential in Singapore.