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April 6, 2008

Two-way trade reached $16.7bn in 2007

A total trade figure between Singapore and India rose to 23 billion Singapore dollars (about $16.7 billion last year), making Singapore India’s 11th biggest trading partner, a Singapore minister was quoted as telling Xinhua news agency Friday.

Singapore is also the fourth largest cumulative investor in India, with $2.26 billion worth of foreign direct investments (FDI) in India, said Vivian Balakrishnan, Singapore's Minister for Community Development, Youth and Sports. Balakrishnan was speaking at the opening ceremony of the Incredible India Business Conference in Singapore.

About 60 percent of this FDI was invested after 2005, when the two countries signed the bilateral free trade agreement, named Comprehensive Economic Cooperation Agreement, the minister said.

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