India likely to get FDI in petrochemical sector from Singapore

21-Nov-07
Several companies based in Singapore have expressed an interest in setting up petrochemicals plants in the planned petroleum hubs in India, especially on the east coast. India is likely to see huge foreign direct investment (FDI) in petrochemical sector from Singapore. Singapore's total investments in 2006 amounted to US$620 mln which comprises 5.6% of all FDI into India. Despite the huge potential that Singapore investors see in India in various sectors, some tax issues have acted as bottlenecks. An FICCI executive committee member said, "Business conditions are well set for Singaporean and Indian companies. But a large number of Singaporean companies are still routing their funds for FDI in India through Mauritius. Mauritius has been given special treatment by India. In order to attract more FDI from Singapore, India needs to improve its package for Singaporean investors."
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