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Shourie signs telecom MoU in Singapore

India and Singapore on Monday signed two memoranda of understanding for co-operation in telecom and culture, even as the two countries agreed to set up a joint study group to explore areas of long-term co-operation especially in trade promotion.

The MoU was signed by Minister of Divestment Arun Shourie and Singapore's Acting Minister for Information and Communication and the Arts David Lim in the presence of Prime Minister Atal Bihari Vajpayee and his Singaporean counterpart Goh Chok Tong in Singapore.

The JSG would include business leaders and would finalise its recommendations within a year.

Vajpayee, who arrived in the city-state Sunday evening on a three-day visit, held wide-ranging talks with Goh on fight against terrorism, co-operation in trade and knowledge-based industries including biotechnology and aerospace and investment in India.

The discussions were followed by delegation-level parleys.

The MoU will "allow the establishment of mutual co-operation between the enterprises and economic entities of the two countries in the field of telecommunications," the Singapore government said.

Emerging out of the signing ceremony, Shourie told reporters that there was no move in the "next few months" to privatise Air-India and said it would carry out "mega investments" in the national flag carrier and Indian Airlines to make them "more competitive and stronger."

"We don't wish to review the proposal for divestments in Air-India for the next few months. We will make mega investments in Air-India and Indian Airlines to ensure they become more competitive and stronger," he said.

Asked about bid by Singapore Airlines earlier to acquire 26 per cent stake in Air-India, Shourie regretted that the deal did not come through, saying it was a "great missed opportunity for India."

CULTURE AND HERITAGE

Under the culture and Heritage MoU, India in a goodwill gesture, handed over 11 priceless artefacts and miniature paintings including a 12th century statue of Lord Vishnu belonging to the Chola period.

New Delhi also presented Singapore with over 950 micro films relating to historic developments during the British era.

Shourie, who addressed the media along with Singapore Minister for Trade and Industry George Yeo, said apparently the Singapore Airlines-Air-India tie-up did not come through because of impatience on the part of the foreign bidder.

He also referred to the 'storm' in India over the issue of privatisation of the national flag carrier saying this could have also contributed to the failure of the deal.

Yeo said Singapore recognised the trade and economic potential in India, but regretted the "political complication" coming in the way of investments, adding his country would wait and show patience for long-term cooperation with India.

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