Singapore, India free trade talks by June

Tuesday, 07 January 2003, 20:30 IST
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BANGALORE: Talks for free trade between India and Singapore are expected to begin in the first half of this year, visiting Singapore President S.R. Nathan has indicated. "A study for a comprehensive economic cooperation agreement is expected to be completed in the first quarter or early second quarter. Bilateral talks will begin after that," he told reporters here. Nathan was speaking on the sidelines of the inauguration of the 900 million-second phase of the International Tech Park, a joint venture of the Tata industries, the Karnataka government and a Singapore consortium led by Ascendas. "The prospects of trade cooperation between the two countries are great. I request the business community to take the opportunity," he said in reply to a question. The International Tech Park, a landmark in India's IT capital, has become the role model for other IT parks across India since it was opened in 1998. It is at present the single largest IT facility -- 1.2 million sq ft of built up area -- in the country housing over 100 companies, including multinationals, based on the concept of work, live and play environment with a 12.5 megawatt dedicated power plant for reliable power supply. The second stage of the park, consisting of 0.4 million sq ft of built up area spread over 11 floors, also has a multi-storey parking facility to house 200 cars. It already has 60 percent occupancy. President Nathan's opening of the building after it has been occupied is part of Singaporean custom. Unlike the Indian tradition where a building is opened before it is occupied, Singaporeans do otherwise. The new building, called the Explorer, is a forerunner for the building of a business class hotel with service apartments and clubhouse facilities. "Negotiations are underway with one of the top hotel operators in India," said Chong Siak Ching, director of ITPL. "The endeavour is truly a tribute to the partnership between India and Singapore," said Ratan Tata, the non-executive chairman of the Tata group. "It is another milestone to provide world class facilities."
Source: IANS