Singapore, August 26: India and Singapore today outlined measures to intensify bilateral economic and security cooperation by setting up a joint fund for investments and convening a counter-terrorism working group. External Affairs Minister Yashwant Sinha, who met the city state's top leadership during his one-day visit, said the two governments had agreed to set up a joint fund to foster investments.

He also said that India's plan to participate in a proposed Asian bond fund were on track. About joint cooperation in counter-terrorism, Sinha said the working groups would convene soon.

Sinha said that India has committed to a us $ one billion for Asian Bond Fund (ABF), but extent of investment in Singapore-India fund has yet to be worked out. On its part, Singapore today announced a US$ 100 million towards the fund. The ABF is backed by 11 Asia-Pacific countries including Japan, China, Australia, Thailand, Philippines, Malaysia, Indonesia, Singapore, Hong Kong, South Korea and New Zealand.

While India-Singapore fund will be used by Indian and Singapore companies to invest in each other, the Asian bond fund will be used by the companies from all the participating countries to invest in the member countries.
Bureau Report