Singapore PM urges India to push reforms

July 13, 2012
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NEW DELHI, India – Singapore's prime minister on Wednesday (July 11th) urged India to press ahead with economic reforms and added that foreign investors need a "predictable" environment in which to invest their money, AFP reported.

Visiting Prime Minister Lee Hsien Loong's comments in New Delhi come as foreign investors have expressed growing concern about India's paralysed reform process, policy flip-flops and erratic taxation moves.

"They want to be sure the terms you go in on are the same for the next 20 to 30 years," Lee said. "The more these aspects can be strengthened, the better it will be for India."

Singapore is India's largest trading partner among the Association of the Southeast Asian Nations (ASEAN) with bilateral trade of $23 billion and the second biggest source of foreign direct investment inflows into Asia's third-largest economy, according to India's ministry of external affairs.

Lee urged New Delhi to step up its ties as well with ASEAN and added he hoped an investment and services accord between the two would be signed soon.

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