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Friday, July 10, 2026
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BusinessSG Economy
Less than 1 min.Read

The double whammy of moving our funds overseas and signing-off our jobs to foreign talents

The Independent
By The Independent

By: Frank Doe

Is Singapore businesses’ interest in India growing or is it just Temasek Holdings?

Aside from “The Celebration Mall” in Udaipur, India, Capitaland has quite a few others in Bangalore, Mangalore and Hyderabad.

At the light-ceremony at “Celebration Mall” yesterday in Udaipur, Capitaland announced plans to open two more mega malls in India.

India expressed interests and plans to Capitaland to build a 100 more Smart Cities and Ascendas-Singbridge & SembCorp Development is bidding to be master developer for Andhra Pradesh’s new capital Amaravati.

Temasek Holding’s involvement in the development of India and China (Chongqing Raffles City for example) is phenomenal, building mega infrastructures, immovable assets, and creating jobs & an economic multiplier therein.

It’s a double whammy, creating jobs overseas with our funds and yet signing away jobs locally to foreign professionals as seen in the CECA (Comprehensive Economic Partnership Agreement) signed with India to mandate 127 professional jobs here going to foreign Indian professionals.

This is going on while the local PMETs here are languishing way behind in their professional job search.

Singaporeans have got no other choice but to wonder what is happening?

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