The business leaders from India have urged the professionals from Singapore for a collaboration involving Artificial Intelligence (AI). This collaboration would involve modification in areas such as smart cities, electronic manufacturing, 5G, infrastructure, and health-education based social issues.
In a similar stance, the business leaders from Singapore have also requested a reduction of the overall tax rate for current Singapore-Indian Tax Treaty. The current rate for this treaty stands at 15 percent and the requested rate stands at 10 percent. This is completely in line when compared with other treaty-established countries. A drop to 7.5 is also a welcome move given the fact that these two countries share a strategic relationship.
These suggestions and proposals came after countries signed the “Joint-Intention Document”. This was a part of the very first India-Singapore CEOs Forum that was held on 14th November 2018. This particular document aims for the double bilateral investment going all the way to a whopping USD 250 Billion in the course of the upcoming 5 years.
The document was signed in by Harshavardhan Neotia, former president at Federation of Indian Chambers of Commerce and Industry. Additionally, it was also signed in by Gautam Banerjee, the chairman at Singapore Business Federation’s South Asia Business Group. This will potentially expand the bilateral investments and trade established between two countries.