07/26/2021 | Press release | Distributed by Public on 07/26/2021 22:29
Mr Leong Mun Wai: To ask the Minister for Trade and Industry (a) how many of the 97,000 locals hired by Singaporean companies with investments in India are new jobs that can be attributed to the signing of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA); and (b) how many are existing jobs that are re-designated.
Written Answer by Minister for Trade and Industry Mr Gan Kim Yong
1. The number of locals employed by Singapore-based companies that invested in India was 97,000 in 2019. This does not include Singapore-based companies that were not invested in India, but that were trading with India.
2. As companies consider multiple factors before they hire new employees, define job scopes, or re-designate existing positions, specific data in response to the question is therefore not available.
3. Our various business-related policies, Singapore's 26 Free Trade Agreements, including the India-Singapore Comprehensive E conomic Cooperation Agreement (CECA), work together to support the business ecosystem within which our companies and workers operate. It is this ecosystem that supports local jobs. For example, FTAs make it easier for local companies to enter international markets through reduced tariffs on their exports into overseas markets, enhanced access to services sectors, and protection for their investments, amongst other benefits. This encourages Singapore companies to expand their business activities, thereby supporting local job creation.