Indo-Singapore Trade May Reach $ 25 Billion by FY20: FIEO

Representative photo (Reuters)

New Delhi: Exporters’ body FIEO on Thursday said there is a huge potential to increase bilateral trade between India and Singapore to $ 25 billion by 2019-20.

India’s export to Singapore grew by 23 percent last fiscal, though overall exports expanded by only 4 percent.

However, bilateral trade with Singapore is only 2.52 percent of India’s overall trade, Federation of Indian Export
Organisations (FIEO) President Ganesh Gupta said in a statement.
“We can easily reach $ 25 billion trade with Singapore by 2019-20 from the current level of $ 17 billion,” he said.

FIEO is there in Singapore to participate in the Singapore International Expo.

Gupta said the expo is providing an opportunity to MSMEs to showcase wide range of quality products to high demanding customers in Singapore.

Participants from 89 companies are representing their products from sectors including apparel, gems and jewellery, furnitures, handicrafts and textiles.