S'pore top destination for overseas investment by Indian firms
SINGAPORE: Singapore has emerged as the top destination for
overseas investment by Indian companies in the last financial year,
with more than US$5.5 billion invested.
Indian companies now account for the second largest overseas group in
Singapore, with over 3,800 companies registered as of 2008.
In this context of Singapore being a key global commercial hub and
centre for businesses, Law Minister K Shanmugam said Singapore aims to
be the venue of choice for international arbitration.
Mr Shanmugam was speaking at a conference on arbitration in Mumbai on Saturday.
He also said that any party - Indian companies included - who
arbitrates in Singapore is free to engage lawyers of any nationality
and use any governing law.
Mr Shanmugam also cited a 2008 report by the International Chamber of Commerce - International Court of Arbitration.
It ranked Singapore as the top city in Asia for ICC arbitrations
and one of the five most popular venues alongside Paris, London, Geneva
and Zurich.
The number of new ICC-ICA cases heard in Singapore nearly doubled from 17 in 2007 to 31 in 2008.
- CNA/ir