The Business Chambers of India and Singapore signed a cooperation agreement on Wednesday to boost bilateral trade and investment. The agreements were signed after the Singapore Prime Minister, Lee Hsien Loong addressed the business meet in New Delhi on Wednesday.

The agreement signed between the Federation of Indian Chambers of Commerce and Industry and Singapore Business Federation will help expansion joint venture technological collaboration. It will also facilitate, strengthen and diversify the cooperation between the firms of the industrial and service sector.

Addressing the business meet the Singapore Prime Minister Mr. Loong asserted that economic and commercial ties between the two countries have expanded after the conclusion of the comprehension economic cooperation agreement. He said apart from economic ties Singapore had old cultural relations and it had Sanskrit root in the name which is derived from Singa Purna.

Speaking on the occasion, Minister of State for External Affairs E Ahmed said trade between the two countries has increased from 8.7 million US dollars in 2005 to 1.8 billion dollars in 2011-12. He said 4000 people from India are residing in Singapore. He said Singapore is also playing a significant role in Delhi Mumbai Industrial Corridor. The visiting dignitary was accorded ceremonial reception at the fore court of Rashtrapati Bhawan.