The Global Economy in 2012: Challenging Times with Some Bright Sparkspg. 9

Exploring Business Opportunities Overseas: Visits to Sri Lanka, Indonesia and Indiapg. 5Chamber

The

Times

February 2012Highlights...

A Publication of the Singapore Indian Chamber of Commerce & Industry

MICA (P) 182/09/2011

Forging Greater Inter-chamber Business Partnerships

SICCI s Panel of Advisors [2010-12]

SICCI s Board of Directors[2010-12]

Chairman

Mr R NarayanamohanNatarajan & Swaminathan

Vice Chairmen

Mr Kirpa Ram SharmaPars Ram Brothers (Pte) Ltd

Dr T Chandroo Modern Montessori International Pte Ltd

Honorary Treasurer

Mr Zahabar AliParkinsons CPA LLP

Chief Executive Officer

Mr Hernaikh Singh (by appointment)

Directors

Mr B K MaheshwariPargan Singapore Pte Ltd

Mr I C RaoSwiss Singapore Overseas Enterprises Pte Ltd

Mr J ManickavachagamSri Vinayaka Exports Pte Ltd

Mr K V AiyappanArthi International Pte Ltd

Mr Mahendra K Agarwal Gati Asia Pacific Pte Ltd

Mr Manokaran ChakrapaniMano Equestrian Services Pte Ltd

Mr Mohamed Abdul JaleelMES Group of Companies

Mr Mustaq AhmadMohamed Mustafa & Samsuddin Co Pte Ltd

Ms N RatnaHallmark Property Consultants Pte Ltd

Mr Navin JatiaEvergreen Global Pte Ltd

Mr Prakash PillaiRajah & Tann LLP

Mr T R V RajanTechCom Solutions Pte Ltd

Mr Yahiya KhanBig-Foot Logistic Pte Ltd

Mr Dinakaran S/O Subramaniam AppiahMadras New Woodlands Restaurant Pte Ltd

Editorial informationThe Chamber Times is a newsletter of the Singapore Indian Chamber of Commerce & Industry. You may send your comments to:

thE EditorSingapore Indian Chamber of Commerce & IndustrySICCI Building31 Stanley StreetSingapore 068740

Tel : (65) 6222 2855Fax : (65) 6223 1707Email : publications@sicci.comWebsite : www.sicci.com

Editorial tEamHernaikh SinghS ReavathiMamta MukherjeeRenu Siva

Photography and Design by Artnexus Design Pte Ltd.

No part of this newsletter should be published without the consent of the Editor.

COnTEnTSEDITOR' S NOTE .......................................................................................................... 3

COVER STORY ............................................................................................................. 4

BuSINESS MISSIONS .............................................................................................. 5

NEWS uPDATES ......................................................................................................... 7

OPINION PIECE .......................................................................................................... 9

RECENT EVENTS..................................................................................................... 12

CORPORATE NEWS .............................................................................................. 14

THE MEMBERS' VIEWS ...................................................................................... 15

WELCOME ABOARD ............................................................................................ 16

uPCOMING EVENTS ............................................................................................ 18

Mr J Y PillayChairman Tiger Airways Holdings Limited, andChairman Council of Presidential Advisers

Ambassador Gopinath PillaiChairman Institute of South Asian Studies, andExecutive Chairman Savant Infocomm Pte Ltd

Mr S Chandra DasManaging Director Nur Investment & Trading Pte Ltd, andPro-Chancellor Nanyang Technological university

Mr Sat Pal KhattarChairman Khattar Holdings Pte Ltd, andChairman Guocoland Ltd

Mr M K ChanraiChairman Kewalram Chanrai Group, andPast Chairman, SICCI

Ambassador K KesavapanyDirector Institute of Southeast Asian Studies

Mr Haider SithawalaExecutive Director KSP Investments Pte Ltd, and Executive Director Savant Infocomm Pte Ltd

Ms Indranee RajahMember of Parliament for Tanjong Pagar GRC andPresident Singapore Indian Development Association

Hernaikh SinghChief Executive Officer

3The Chamber Times

Greetings from the Singapore Indian Chamber of Commerce & Industry (SICCI)! I wish all members and readers a very Happy New Year and a Prosperous Chinese New Year.

I would like to thank SICCI members for their complimentary feedback on the inaugural issue of The Chamber Times. We appreciate the strong endorsement of the newsletter.

The year ahead is forecast by many to be a difficult one for businesses due to the uncertainty over the Euro, a still weak United States economy, lingering debt crises and environmental issues. In such an environment, the role of the Chamber in helping its members to open up new opportunities comes to the fore.

The Chamber needed a refresh and reinvigoration of its identity to step into the role that it needs to play for its members. Branding is essential to the creation of intangible value. The goal was for the Chamber to become an early point of call for members for networking and business, as well as the arrowhead behind which members can search for new opportunities.

The SICCI logo, while keeping its look, underwent several refinements, making it more vibrant. SICCI's subsidiaries – Enterprise Development Centre@SICCI, SICCI Institute of Business, SICCI Trade Documentation and SICCI Trade Match – have their own logos as well. While remaining an integral part of SICCI, these subsidiaries will have the flexibility to promote their programmes in furtherance of their own corporate identities. Similarly, SICCI Women’s Indian Network and the Young Entrepreneurs Network@SICCI also have new logos, which aptly reflect their identity and work.

The new SICCI website is also up and running. Its user-friendly features reinforce our position as a rich source

of information for our members. Serving our members and their needs defines our role and the website reflects our commitment to keeping our members up to date with information that will support their ambitions.

Moving forward, we will have an exciting and eventful year. On 24 April 2012, the Chamber will elect a new Board of Directors at its 71st Annual General Meeting. The SICCI Secretariat looks forward to working with the new Board.

This year, in addition to the mission to India in January, we will organise missions to Myanmar and South Africa. These new and non-traditional markets offer much potential for SICCI members. We believe that members will find these missions relevant and rewarding in their exploration of business opportunities there. Visits to Bangladesh and Indonesia are also on the cards.

The SICCI-DBS Singapore Indian Entrepreneur Awards (SICCI-DBS SIEA) presentation ceremony in 2011 was very well received. This year, we hope to do even better. Deputy Prime Minister Teo Chee Hean will be the Guest-of-Honour for the presentation ceremony, which will be held in conjunction with SICCI’s 88th Anniversary Dinner on 24 October 2012. More details on SICCI-DBS SIEA 2012 will be communicated soon.

In addition to these initiatives, we will continue to support our members’ efforts to meet the economic challenges through a slew of activities. These include networking events, market awareness programmes, business advocacy, training programmes, business advisory services, business match-making, capability development and trade documentation services.

We strongly believe that SICCI members will be able to weather the testing months ahead and emerge more resilient and stronger. May the Year of the Dragon bring much good fortune, success and prosperity to you, your business and family!

EDITOR S nOTE

4 sICCI Newsletter - February 2012

COVER STORy

The aim was to provide the opportunity for members of the three ethnic chambers to meet and explore possible collaboration with and through one another. This was deemed important and necessary in the face of the impending global economic uncertainty.

SICCI, in partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) and the Singapore Malay Chamber of Commerce & Industry (SMCCI), organised the inaugural inter-chamber networking session on 24 November 2011. Held at the Singapore Swimming Club, more than 120 members from the three chambers attended the session.

The idea of the inter-chamber networking session was first mooted during a meeting between SICCI and SCCCI in March 2011. “We came to the conclusion that our three chambers have vast experience and knowledge that could be shared with one another and our respective members”, said SICCI's Chairman, Mr R Narayanamohan.

SCCCI's President, Mr Teo Siong Seng, added that the three chambers network regularly at the Chairman and Secretariat levels when they meet at various business events. However, their respective members rarely have the chance to mingle with one another. “We do see each other very often but our members seldom get to interact. I feel this networking is more important for our younger members who get to meet the members of the other chambers”, shared Mr Teo.

The event was viewed by the members as a step in the right direction by the three chambers to explore the immense opportunities available to their members locally and internationally as they tread cautiously and carefully into 2012. “The climate demands this collaboration as fewer Singapore companies are going out”, said SMCCI's President, Mr Abdul Rohim Sarip. He explained that this meant companies would look to further expand in Singapore and it was, therefore, important that the three chambers provided networking opportunities amongst their members.

The information and the experiences that the three chambers share will certainly help their members open new business and investment possibilities. “Each chamber has its own strengths. Our expertise is on Indonesia and Malaysia, especially in the halal food and beverage market. It will also be good for members from SMCCI to partner Indian and Chinese companies from the other two chambers to look for opportunities in India and China,” added Mr Abdul Rohim.

Mr Narayanamohan also pointed out that there are many opportunities for integration, especially for Indian companies who are SICCI members, through networking with local companies. Mr Teo thinks these doors to integration can be further opened through informal collaboration. “There is a chance to forge links which can lead to integration and understanding among the members,” he said.

The gathering was certainly an important occasion to forge partnerships amongst members of the three chambers. It also added further impetus to the already strong relationship between the chambers.

Forging Greater InTER-CHAMBER BuSInESS PARTnERSHIPS

5The Chamber Times

BuSInESS MISSIOnS

In our continuous efforts to help members explore business opportunities in non-traditional markets, SICCI has been actively leading trade missions to new and emerging markets in recent times. These countries offer much potential for companies that are keen to develop their businesses internationally.

Following two successful business missions to Uzbekistan in April 2011 and Mauritius in June 2011, the latter jointly with the Singapore Business Federation (SBF), SICCI partnered SBF on a mission to Sri Lanka from 16 to 22 October 2011 and joined the Singapore Malay Chamber of Commerce & Industry (SMCCI) on a trip to Indonesia from 19 to 23 October 2011. Between 9 and 14 January 2012, we led a business mission to India.

During the mission to Sri Lanka, the 12-member delegation visited Colombo and Galle. The participants

represented a range of sectors, including logistics and shipping, agro-commodities, education and information technology.

Led by SICCI’s Chairman, Mr R Narayanamohan, the delegates met and had business match-making sessions with officials and members of the Ceylon, National and Galle District Chambers of Commerce and Industry in Colombo and Galle. Separately, the delegates also had one-to-one meetings with the Board of Investment as well as the Sri Lankan Port Authority which provided a tour of the port’s expansion site in Colombo.

The SICCI-SMCCI mission, involving 17 delegates, visited Jakarta and Bandung. It was led by SMCCI’s Chairman, Mr Abdul Rohim Sarip, and SICCI’s Honorary Treasurer, Mr Zahabar Ali.

Besides participating in the 26th Indonesian Trade Expo in Jakarta, the delegates paid a courtesy call on Indonesia’s

Exploring Business Opportunities Overseas Visits to Sri Lanka Indonesia and India

6 sICCI Newsletter - February 2012

BuSInESS MISSIOnS

Vice-Minister for Foreign Affairs, Mr Wardana. They also met with senior officials at the Jakarta Investment Promotion Agency, Singapore’s Ambassador to Indonesia, His Excellency Mr Ashok Kumar Mirpuri, and the Singaporean business community in Jakarta. In Bandung, they visited the local factory and met with the Vice-Governor of West Java, Mr Dede Yusuf.

During the visit to India, the 12-member delegation, led by Mr Narayanamohan, visited Kolkata in West Bengal and Hyderabad in Andhra Pradesh.

In Kolkata, the delegates met with government officials and members of the chambers and business community, as well as attended a presentation by the West Bengal Industrial Development Corporation. At the same time, they participated in the ‘Bengal Lead 2012’ Summit and had briefing sessions with Ernst & Young and the Hongkong and Shanghai Banking Corporation Limited. The delegates also had the opportunity to meet with Mr Partha Chatterjee, West Bengal's Minister for Commerce and Industries; Parliamentary Affairs; Industrial Reconstruction and Public Enterprise; and Information Technology. These sessions and meetings provided the

delegates with a deeper insight on potential business and investment opportunities in West Bengal.

In Hyderabad, the delegation attended ‘The Partnership Summit 2012’, organised by the Confederation of Indian Industry, as well as met with relevant agencies. This annual summit which brings together business leaders, investors, corporations, thought leaders and policy and opinion makers from India and abroad, was well received. Emeritus Senior Minister Goh Chok Tong delivered the keynote address for the event.

The business missions served as important platforms for the delegates to understand and explore business opportunities in the three countries. The networking sessions with government officials and business leaders gave them an opportunity to better understand government policies on trade and investment and the business environment. The participants were also able to identify relevant business and investment opportunities.

Business Missions in 2012...SICCI will organise missions to Myanmar and South Africa in 2012. These markets offer many business opportunities and we believe members will find them relevant and rewarding. At the same time, visits to Bangladesh and Indonesia are on the cards this year.

Do look out for more details in the next issue of The Chamber Times!

7The Chamber Times

In 2011, the SICCI Board of Directors embarked on an important strategic exercise which included enhancing SICCI’s corporate identity.

The revamped SICCI newsletter, The Chamber Times, in October 2011 was the first presentation of the SICCI branding efforts. The New Year witnessed the unveiling of the other key corporate initiatives.

While keeping its look, the SICCI logo underwent several refinements, making it more vibrant. The four SICCI subsidiaries – Enterprise Development Centre@SICCI, SICCI Institute of Business, SICCI Trade Documentation and SICCI Trade Match – also have their own logos. They will now have the flexibility to promote their activities while remaining an integral part of the Chamber.

At the same time, SICCI Women’s Indian Network (SICCI WIN) and the Young Entrepreneurs Network@SICCI (YEN@SICCI) also have new logos to aptly reflect their work and identity.

The re-designed SICCI website was presented last month. Offering an important source of information to SICCI members, the user-friendly website reflects our efforts to keep our members up to date with information that will support their business development and growth locally and internationally.

Last but not least, we have developed a complete range of corporate collaterals on SICCI, the four subsidiaries, SICCI WIN and YEN@SICCI. Among others, these will provide a consistent and co-ordinated presentation of SICCI's initiatives and programmes.

The corporate branding efforts are important in presenting SICCI as a serious, professional and forward-looking organisation. They will also allow SICCI to involve and align everyone associated with it to its corporate objectives, core values and key programmes.

nEwS uPDATES

unVEILED!SICCI Branding Initiatives

SiCCi Subsidiaries

SiCCi Sub-committees

8 sICCI Newsletter - February 2012

nEwS uPDATES

The Commonwealth Youth Programme Asia Centre, Commonwealth Secretariat, in collaboration with Young Indians of the Confederation of Indian Industry, organised a two-day Envisioning Workshop in New Delhi, India, on 15 and 16 November 2011. Representatives from youth entrepreneurship-supporting organisations from Brunei Darussalam, India, Malaysia, the Maldives, Singapore and Sri Lanka participated in the workshop. Singapore was represented by SICCI’s Chief Executive Officer, Mr Hernaikh Singh.

Following the workshop, the Commonwealth-Asia Alliance of Young Entrepreneurs was launched. The initiative followed the mandate given by the Commonwealth Heads of Government Meetings in 2009 and again in 2011 to the Commonwealth Secretariat and member governments to put in place policies and mechanisms to foster youth enterprise

Launch of International youth Enterprise InitiativeCommonwealth-Asia Alliance of young Entrepreneurs

development as a means to mitigate the problem of unemployment among young people in the Commonwealth.

The participating countries agreed on a Charter, Governance Structure and Rules of Business, and committed to a long-term engagement of the Alliance as a catalyst of economic growth, job creation, innovation and societal change in the Commonwealth-Asia region.

SICCI is honoured to be part of this historical initiative.

invested in developing his business over the years. He added that the Award will motivate his team and him to provide even more efficient and effective solutions for their ever-expanding loyal clienteles.

SICCI congratulates Mr Saravanan on his Award and wishes him the very best on his entrepreneurial sojourn.

Recipient of the SICCI-DBS Singapore Indian Entrepreneur Award 2010 (Promising Entrepreneur category), Mr Henry Saravanan, Chief Executive Officer of Synergy AVL Pte Ltd, received another accolade for his outstanding entrepreneurial spirit. He was awarded the ‘Outstanding Young Entrepreneur’ during the Fourth ASEAN-China Young Entrepreneurs Forum, which took place in Hanoi, Vietnam, from 12 to 15 October 2011.

When interviewed, Mr Saravanan stated that he was humbled by the Award. He stated that the Award was reward for the long hours of hard work and effort he

International Recognition...SICCI-DBS SIEA 2010 Promising Entrepreneur

9The Chamber Times

OPInIOn PIECE

The doomsayers have predicted the end of the world in 2012. Whether that happens is yet to be seen but the return to another global economic slowdown is certainly an equally daunting prospect.

For starters, the Eurozone’s economic problems are nowhere near being solved and more attention will be paid to the 17-member grouping this year than in 2011. The world watched with great uncertainty as the Eurozone plunged deeper into crisis during the past year, reflected by volatile markets. Helped by inadequate political will and ineffective action from the leaders of these countries, the bond markets reacted nervously and kept pushing yields of Eurozone sovereign bonds to unsustainable levels, raising fears of a default and transmitting shocks onto the financial markets as well.

Eurozone leaders called for repeated summits in 2011, in which they produced piece-meal measures that have been ineffective in rescuing the region and, in some cases, even proven to be counter-productive. Such measures have included establishing the European Financial Stability Facility (EFSF) that has proven to be too small to make a difference, haircuts of up to 50 percent on banks’ holdings of Greek debt, which created a panic in the market that there would be similar haircuts for the banks’ holdings on other troubled Eurozone economies as well and bailouts for Greece, Ireland and Portugal. What is more perplexing is the persistence of European leaders to embark on an austerity programme as this has only worsened the recession in their respective economies and made their arduous task of achieving targets on debt and deficit levels even more unattainable.

In the last summit of Eurozone leaders in December 2011, member countries agreed to a proposal by Germany of a fiscal compact, which binds them to budgetary discipline enforced by sanctions. The European Commission wants

this agreement to be written into European Union laws as soon as possible and the European Council will be submitting the final draft of this legal text in early 2012. However, as individual countries seek ratification in their respective parliaments, markets can be expected to react nervously to any signs of delay, hesitation or, worse still, non-ratification by members. Even if the agreement comes into force, it could spell more disaster than rescue the Eurozone from its woes. An era of fiscal austerity would entail cuts on government spending and tax hikes that would increase the improbability of achieving its debt and deficit targets, worsening financial distress and, if the widespread public opposition to austerity measures in 2011 was an indication, possibly lead to political upheaval across the Eurozone.

In early December 2011, Standard & Poor’s placed 15 Eurozone countries, including France and Germany, on a negative credit watch list, citing “deepening political, financial and monetary problems”. In fact, even without the fiscal compact coming into place, there is a strong possibility that France could lose its ‘Triple A’ credit rating early this year. Since France is a significant source of funds for the EFSF, a downgrading of its credit ratings would increase the costs of funding the EFSF as well as raise the cost of funding for the French banks and the French state. The fiscal compact would only exacerbate the downgrading of other Eurozone members’ ratings due to the resultant political and fiscal problems. This will raise the overall funding costs for the entire Eurozone, which needs to raise 1.6 trillion Euros this year itself.

The European Central Bank (ECB) has, so far, played a marginal role in all of this and has refused to be drawn in as a lender of last resort, a role that it should make clear it is able and willing to play to reassure markets and investors. We may reach a scenario in 2012, perhaps at the point of a market crash, where the ECB may be forced to finally step in to provide a stimulus large

CHALLEnGInG TIMES wITH SOME

BRIGHT SPARkS Mr Malminderjit Singh

THE GLOBAL ECOnOMy In 2012:

Photo: BartlomiejMagierowski / Shutterstock.com

10 sICCI Newsletter - February 2012

OPInIOn PIECEenough to rescue the Eurozone. However, until the fiscal compact itself proves to be completely inadequate, the ECB seems content to squeeze as much budgetary discipline from the Eurozone countries as possible.

The one thing the ECB has done though is to provide a 489 billion Euro programme of cheap three-year loans for Eurozone banks to help them cope with liquidity challenges. Nevertheless, even this may prove to be inadequate to rescue these banks as we may see many of them facing nationalisation in 2012. In order to comply with new European banking legislations, the banks will have to raise their core Tier-1 capital to nine percent by the middle of this year, and with the cautious market, they may be forced to do so by cutting bank lending, which will consequently worsen the Eurozone recession. Should they fail to meet this target or face more market turbulence, nationalisation may beckon. Whatever the fate of the Eurozone this year, with its share of a quarter of the world’s gross domestic product (GDP), we can expect large implications on the rest of the world, not least the export-oriented economies of Asia which will have to deal with declining demand from the Eurozone countries.

In the previous recession of 2008-09, China played a key role in cushioning the fallout and leading the recovery of global, particularly Asian, economies through its enormous US$586 billion stimulus package. However, this large over-investment has created huge overcapacity in China’s capital goods industry, leading to inflationary bubbles, among other things, and dampening China’s ability to play any role in rescuing the global economy from this looming recession.

To make matters worse, China is facing a rapidly deflating asset bubble which threatens to explode in 2012. The government has introduced stringent measures to curb property speculation, adding downward pressure on domestic demand. Moreover, in its latest purchasing managers’ index for December last year, which is an index of manufacturing activity, China narrowly avoided contraction by only 0.3 points, while its export orders went through a further month of contraction, the third in a row of declines for Chinese exports. These are signs that China is already facing the pressures of declining demand from the Western economies, and with increasing austerity in the Eurozone, Chinese exports are likely to suffer further, eroding its economic growth this year, unless domestic consumption can increase tremendously.

India, the other fastest growing economy in Asia, has its own set of challenges. A declining Rupee and a tight monetary policy by the Reserve Bank of India have hurt India’s corporates significantly, arguably the main driver

of the country’s economic growth. The problem really lies with the country’s high inflation, caused by large supply-chain bottlenecks, particularly for food, and poor infrastructure. The Congress-led coalition government will seek to speed up reforms, particularly with elections in key states looming in 2012. However, it has not presented the political strength to do so as yet, and it is more likely that it will turn to more populist policies to score political points with the masses in the face of the elections. This is likely to worsen the government’s fiscal stance and could weigh down on economic growth.

However, not all of the clouds in the horizon are dark ones. There are signs of optimism emerging from some unlikely sources. The United States, the root of much of the global economic woes since the 2008 crisis, is showing signs of recovery as its unemployment rate has finally dipped below the stubborn rate of nine percent, together with a growing money supply and a stabilising housing market. However, growth will be incremental until the presidential elections in November this year, as more partisan politics may lead to a continued political deadlock on key economic measures.

Japan will look towards burying the ghost of 2011 as it aims to put behind the twin natural disasters of a tsunami and an earthquake, which disrupted global production networks and plunged its economy into a recession. Rebuilding efforts will be in full swing in 2012 and are likely to catalyse the Japanese economy to achieve significant growth.

The economies of Southeast Asia appear to be another bright spark in 2012. Indonesia will look towards building

11The Chamber Times

OPInIOn PIECE

The 5th Annual Singapore International Energy Week (SIEW) 2012 is the foremost platform for top policymakers, energy practitioners and commentators to discuss energy issues, strategies and solutions.

To be held from 22 to 25 October 2012, SIEW 2012 will bring together the world’s leading conferences, exhibitions, workshops and networking events from across the energy spectrum. The key energy sectors which will be addressed at SIEW 2012 include oil and gas, clean and renewable energy, smart grids, carbon abatement and energy trading.

Please visit www.siew.sg for further information.

The Asia Pacific ICT Summit is an annual event organised by the Singapore infocomm Technology Federation (SiTF). The theme for the 2012 Summit, which will be held on 13 and 14 March 2012 at Marina Bay Sands, is ‘Success with Digital Engagement’.

The Summit aims to provide invaluable insights on the ever-changing ICT business landscape and how emerging technology changes the way in business engagements and collaborations are conducted. It will present and discuss opportunities, technology trend and issues surrounding digital engagement. Participants can look forward to hearing the views and perspectives of distinguished speakers on the landscape and end-user success stories.

For more information about the event, please visit www.apicts.com. For more information about SiTF, please visit www.sitf.org.sg.

SITF ASIA PACIFIC ICT SuMMIT13 AnD 14 MARCH 2012 | SInGAPORE

SInGAPORE InTERnATIOnAL EnERGy wEEk

22 TO 25 OCTOBER 2012 | SInGAPORE

upon its six percent GDP growth, and with prudent monetary policy-making in 2011, it has sufficient room to stimulate sustainable growth. Malaysia will go to the polls in 2012 and this is likely to incentivise the incumbent government to adopt a generous fiscal stance to propel economic growth. Much focus will be on its Iskandar development region, which has many of its milestone projects due this year. If these projects deliver on time and if Malaysia can continue to strengthen relations with Singapore, Iskandar can be expected to continue to rake in more foreign direct investment into the country to add to the cumulative 77 billion Malaysian Ringgit that has already been committed. Another Southeast Asian country to watch is Myanmar, which is likely to lose a significant amount of its sanctions this year, thereby attracting large investments from the United States, as well as other Asian countries such as India, and its Southeast Asian neighbours.

With such optimistic prospects in the United States, Japan and the Southeast Asian region, it is likely that Singapore should be able to match the three percent economic growth predicted for 2012. However, it is unlikely to exceed this as the problems in the Eurozone will probably overshadow the gains elsewhere and add pressures to the country’s export-driven economy. In the previous recession of 2008-09, the Singapore government was creative in cushioning the economy and preventing

significant job losses through innovative initiatives such as the ‘Jobs Credit’ scheme. The government may be called upon to be creative again this year, if it is to hit its targetted three-percent growth and minimise job losses.

Much creative policy-making and political will is also needed in the Eurozone this year. Otherwise, the global economy and financial markets are headed for a topsy-turvy ride.

The author is a Correspondent with The Business Times. The views are personal and do not necessarily represent that of the Singapore Indian Chamber of Commerce & Industry.

SiCCi members enjoy a 10% discount. discount code: aPiCtS-SiCCi10

12 sICCI Newsletter - February 2012

Dialogue-cum-Networking Session Argentinean Business Delegation

Public Lecture Insight IndiaSICCI organised a public lecture with Dr Shashi Tharoor, Member of Parliament, India; and Former Minister of State for Foreign Affairs, India, at the Singapore Swimming Club on 23 September 2011.

Dr Tharoor shared his perspectives on India’s current business environment, including its socio-economic development and progress in recent years. He also focused, among other areas, on the rapidly growing business opportunities offered by Kerala, mainly Trivandrum, where he is a serving Member of Parliament.

Dr Tharoor had an engaging dialogue session with the more than 200 members and guests who turned up for the session. The session was chaired by SICCI’s Chairman, Mr R Narayanamohan.

A dialogue-cum-networking session was organised by SICCI with an Argentinean business delegation on 6 October 2011.

The delegation, comprising officials from the government of Santa Fe, gained a comprehensive first-hand update on the latest economic developments in Singapore as well as understood how Argentinean companies could leverage Singapore’s connectivity and networks to reach out to other parts of Asia.

RECEnT EVEnTS

Deepavali Reception 2011As part of the Deepavali celebrations, SICCI organised a Deepavali reception on 21 November 2011 at the Grand Hyatt Singapore. Sponsored by Si2i Limited, the event was graced by Guest-of-Honour, Mr K Shanmugam, Minister for Foreign Affairs and Law, Mrs Shanmugam, SICCI members and guests.

SICCI also thanked the institutions and individuals who helped make the SICCI-DBS Singapore Indian Entrepreneur Awards 2011 a huge success. At the same time, companies which participated in the SICCI-MPS India Internship Programme were presented with tokens of appreciation.

The programme included a lamp-lighting ceremony, performances by dance group, Diversity, and networking over dinner.

13The Chamber Times

RECEnT EVEnTS

Deepavali Charity EventTaman Jurong CC

Meet-the-Ambassador Series Pakistan’s High Commissioner to Singapore

ISAS-SICCI Business networking Session

SICCI and its members participated in the ‘Enlighten Lives: Engaging our Youthʼ Deepavali Celebrations on 27 November 2011, organised by Taman Jurong CC. Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister for Finance and Manpower, was the Guest-of-Honour for the event.

SICCI and its members raised a total of S$25,000 which were used by Taman Jurong CC to purchase food vouchers and provisions for less privileged families. SICCI’s Chairman, Mr R Narayanamohan, SICCI’s Vice-Chairman, Dr T Chandroo, SICCI’s Director, Mr K V Aiyappan, and staff joined the festivities and helped distribute the vouchers to the needy at the event.

SICCI hosted a dialogue-cum-networking session with His Excellency Mr Syed Hasan Javed, Pakistan’s High Commissioner to Singapore, on 29 December 2011.

His Excellency Mr Javed highlighted the emerging investment and business opportunities in his country. He advised the participants not to be swayed by negative media reports about Pakistan, as many investors and businesses are already in the country.

He concluded with the advice that Pakistan is fast emerging as the next frontier for multinational companies from the Asia Pacific region and Singapore businesses should venture into Pakistan before it is too late.

SICCI would like to express its gratitude to its Board of Directors and members who contributed generously to this charitable initiative.

On 19 December 2011, SICCI and the Institute of South Asian Studies (ISAS) jointly organised a business networking session at the Singapore Cricket Club. More than 70 SICCI members and guests attended the session.

The session was graced by India’s High Commissioner to Singapore, His Excellency Dr T C A Raghavan, who also launched the publication, ‘India, Pakistan and Bangladesh: Changing Dynamics of Regional Integration, SAARC and Beyond’, written by Mr A R Jumabhoy.

The speakers at the session, Dr S Narayan, Head, Research, and Visiting Senior Research Professor, ISAS; and Mr Mohsin Monnoo, Associate, Sovereign Solutions & Advisory Capital Market Solutions Group, Standard Chartered Bank, shared their views on South Asian integration.

14 sICCI Newsletter - February 2012

CORPORATE nEwS

SICCI’s staff and their families came together to celebrate Deepavali on 12 November 2011 at Vansh restaurant.

Organised by SICCI’s Welfare Committee, it was also an occasion to thank the SICCI staff for their hard work and contributions to the Chamber in the course of the year. At the same time, it was aimed at developing greater camaraderie among the staff.

The evening started on a colourful note with the children, and even some adults, queuing up enthusiastically for their tiny air brush tattoos. This was followed by dance performances and interactive games where SICCI’s staff and their families participated spontaneously in singing, dancing, cat-walking and cross-dressing – it was real good fun!

Mr Nirman Singh Sodhi, Senior Manager, SICCI-Trade Match, attended the dinner with his mum, wife and one-year old son. He said, “I thoroughly enjoyed the evening. Such gatherings are always a good way for the staff and their families to interact on an informal setting. It gives all of us the opportunity to know

one another better. I am delighted that SICCI started this practice last year.”

The evening included lucky draw prizes for all staff and a buffet dinner.

SICCI Staff Deepavali Nite

SICCI’s Chief Executive Officer, Mr Hernaikh Singh, presenting a token to Ms Harvind Kaur (Executive, Membership and Events) for her winning entry in the competition on the name for the Chamber’s newsletter.

Renu’s experience is primarily in event management and marketing. She feels that the job scope at SICCI suits her well, as it will allow her to make full use of her skills. Also, she believes that there is no better place than SICCI if one wants to be a part of the dynamic Indian business community in Singapore.

Renu is a strong believer in orderly and systematic procedures. In an effort to enhance efficiency and effectiveness, she hopes to develop relevant procedures so that each and every SICCI event is of the highest calibre.

Renu loves watching sitcoms and enjoys a good meal with family and friends during her free time.

ms renu SivaExecutive, Events and Marketing

Joined on 21 September 2011

15The Chamber Times

THE MEMBERS VIEwS

“Well done! The revamped newsletter looks very appealing. A good effort!”

rajiv SinghChief Executive OfficerSIMS Group of Companies

“The inaugural issue of The Chamber Times was an engaging read and definitely achieved its objective of showcasing the main events at SICCI, as well as highlighting news that are of interest to SICCI members. I look forward to the next issue.”

michelle atchuthanRegional Marketing ManagerTCI Global

“Congratulations on the wonderful design and reinvention of the Chamber’s newsletter, The Chamber Times. Kudos to the SICCI team which has been instrumental in bringing out this new concept! It definitely has value and stature. Keep up the innovative new work!”

P S SomasekharanPartnerMGI N Rajan Associates

“Heartiest congratulations on the launch of the re-vamped newsletter, The Chamber Times! I find the publication very befitting of the Chamber’s image, prestige and vision. The team has done a wonderful job, right from selecting a very appealing name to the quality of the printing and vibrancy of the colours.

The precise way in which the major events are highlighted and the minor events given appropriate snapshots spaces, still keeping the newsletter within a readable 16 pages, is commendable. I am glad you have included ‘Welcome Aboard’ for new members and quick glance of information on ‘Upcoming Activities’.”

atish J modyManaging DirectorBatavia Eximp and Contracting (S) Pte Ltd

“The Chamber Times certainly gives a face to the entity SICCI, especially amongst non-members. I have noticed the Institute of Business’ training programme participants, especially non-members, picking up a copy to read. Perhaps we can highlight each subsidiary’s activities in the next issue.”

Sujata raoDeputy ManagerSICCI Institute of Business

“The Chamber Times is surely here to stay! The colours are very vibrant and the picture stories are reader-friendly. I love the section on ‘Corporate News’. It gives an opportunity to portray the Chamber as a lively place to work and, in a way, attract more talent.

The newsletter can consider featuring entrepreneurs who are willing to share their experience and knowledge on managing a successful business. Another suggestion is to dedicate a section to youth contributions (articles written by Indian youths, for example).

The section ‘Welcome Aboard’ section should include the sectors that the new members are involved in. This will create more awareness and opportunities for SICCI members.”

meera ParthasarathyExecutive, Business DevelopmentEDC@SICCI

VIEwS On

THE CHAMBER TIMESThank you for writing to us on the inaugural issue of The Chamber Times. We sincerely appreciate your views and comments, and look forward to your continued support.

We are pleased to share some of the membersʼ views:

wELCOME ABOARD!

16 sICCI Newsletter - February 2012

SICCI is pleased to welcome the following recent new members:

September 2011

Adroit Overseas Pte Ltd

All Trends Pte Ltd

Allen & Overy LLP

Balwant Singh

CKA Media and Training Centre Pte Ltd

DIA Brand Consultants Pte Ltd

Eduquest International Pte Ltd

Elite Business Consultants Pte Ltd

november 2011

Ashoka Global Pte Ltd

CV Products Q Pte Ltd

Kurubalan Rengaraju

Mohit Varshney

NTC Logistics Pte Ltd

Office Furniture Speciality Pte Ltd

october 2011

Abraham Tilak Kumar

Dallas Marine & Engineering (S) Pte Ltd

Gurusai Exporter

Hira Singh & Sons Pte Ltd

Jayakody Vengaselam

Lesont Pte Ltd

Little Raffles School House Pte Ltd

Maestrosoft Pte Ltd

Mind Power Kiddy Campus

MMI Academy Pte Ltd

MMI Business School Pte Ltd

Modern Montessori (East Asia) Pte Ltd

Modern Montessori Centre

Modern Montessori Childcare Development Centre Pte Ltd

Emerald Jewellers Singapore Pte Ltd

Ganesan S/O Kulandal, PBM

Greenfield Advisory Pte Ltd

Liberty Commodities Asia Pte Ltd

Magniss Asia Pacific Pte Ltd

Neelam International Pte Ltd

Valrack Far East Pte Ltd

WPS Pte Ltd

PNP Consulting (Singapore) Pte Ltd

R Kalaichelvan

Sattar Bawany (Professor)

S D Maniam, PBM

Sri Harikrishna Overseas Pte Ltd

Vebss Information Technology (Singapore) Pte Ltd

Modern Montessori Community Childcare Centre

Modern Montessori Investment Pte Ltd

Modern Montessori Kindergarten

Modern Montessori Preschool Centre

Modern Montessori Training Centre

Modern Montessori Ventures Pte Ltd

Noxal Pte Ltd

Origin Hak Media Pte Ltd

Profit On Land Strategic Investment Pte Ltd

Pureheart Capital Pte Ltd

Sima Engineering (S) Pte Ltd

The Kidz Zone Pte Ltd

Thoykkat Muralidharan

Topworth Steels & Power (S) Pte Ltd

V Carpe Diem Private Ltd

wELCOME ABOARD!

17The Chamber Times

The new members were presented with their membership certificates and membership packages by Mr J Manickavachagam, SICCI's Director, and Chairman of the Membership Services and Networking Committee. Also in attendance at the event were Mr Manokaran Chakrapani and Mr T R V Rajan, SICCI’s Directors.

The evening ended with informal networking amongst the new members, SICCI Directors and Secretariat over tea.

welcome Reception for new SICCI Members

SICCI hosted a welcome reception for new SICCI members on 15 December 2011. The occasion served as an important platform for the new members to interact with one another, the Board of Directors as well as with the SICCI Secretariat staff. At the same time, it was an opportunity for SICCI to share its events, programmes and initiatives with the new members.

Mr R Narayanamohan, SICCI's Chairman, welcomed the new members to the Chamber, and shared SICCI’s history and its role in promoting the business needs and interests of its members locally and internationally.

december 2011

APM Engineering & Construction Pte Ltd

Astha International Pte Ltd

Ever Safe Consultants Pte Ltd

Freeform Integrated

Ganesan Selvanathan

Jardeen Impex Pte Ltd

K Thanaseelan

Karthikeyan S/O Somasundaram

Khomala Lea

Krishnasamy Subramaniyam

Kumaran S/O Jothikumar

Kumaravelu S/O Palanivelu

M P Sellvem

Manthra Enterprises

Padmanathan Saravanan

Powerup Capital Network Pte Ltd

Ramaiyan Arivalagan

S Saravanan Pillay

Santhya

Sashirekka Rountan

Servolve Pte Ltd

Shaick Fakrudeen S/O Ali

Shamini D/O Loganathan

Softenger (Singapore) Pte Ltd

Soundararajan S/O Jeeva

Spinal Balance Pte Ltd

Strategen LLP

uPCOMInG EVEnTS

18 sICCI Newsletter - February 2012

SICCI Trade Match

welcome Reception for new SICCI Members15 February 2012, SICCI

SICCI Business Outlook Seminar Series16 February 2012, The Tanglin Club

SICCI-SAL Seminar: Singapore – The Region’s Business Hub22 February 2012, The Pod, National Library

Business Mission to Jakarta and Surabaya5 to 9 March 2012, Indonesia

Enterprise Development Centre@SICCI

Enterprise Development Centre@SICCIMonthly Productivity Management workshop1 March 2012, SICCI

Classroom Presentations 7, 8 and 10 March 2012, Nanyang Technological university

Classroom Presentations 8 March 2012, Nanyang Technological university

Enterprise Development Centre Conference28 March 2012, HDB Hub

SICCI Institute of Business

Social Media Marketing Seminar20 February 2012, SICCI

Essential negotiation Skills workshop* 22 and 23 February 2012, SICCI

understanding Annual Reports workshop27 February 2012, SICCI

Pitfalls in Letters of Credit workshop1 March 2012, SICCI

Conversational Business Mandarin Programme* 5 March 2012 (3 month course), SICCI

writing Effective Proposals workshop* 8 and 9 March 2012, SICCI

Social Media Marketing workshop19 and 20 March 2012, SICCI

Food for Health22 March 2012, SICCI

Incoterms 2010 workshop26 and 27 March 2012, SICCI

Risk Management Seminar30 March 2012, SICCI

Managing Relationship with Customers for Organisational Growth workshop* 3 and 4 April 2012, SICCI

International Shipping and Logistics Contracts workshop9 and 10 April 2012, SICCI

Search Engine Optimisation workshop18 and 19 April 2012, SICCI

Import and Export Procedures and Practice workshop25 and 26 April 2012, SICCI

Secure Prospect Commitment workshop* 3 and 4 May 2012, SICCI

Business Continuity Management workshop9 and 10 May 2012, SICCI

Conversational Business Mandarin Programme* 11 May 2012 (3 month course), SICCI

Contract negotiations workshop14 and 15 May 2012, SICCI

Pitfalls in Letters of Credit workshop30 and 31 May 2012, SICCI

Developing a Consumer-focused Marketing Message Seminar*4 and 5 June 2012, SICCI

* WSQ Funding Available. Conditions Apply.