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