Prime Minister Narendra Modi is seeking to deepen the bilateral cooperation with Singapore in critical sectors like semiconductors and healthcare along with emerging technologies like artificial intelligence during his ongoing visit.

Modi is on a visit to Singapore as part of his tour of Southeast Asia in which he previously visited Brunei. In Singapore, he held talks with PM Lawrence Wong and President Tharman Shanmugaratnam and held also held a meeting with top business leaders.

During the visit, Modi announced that he and Wong had decided to elevate the bilateral ties to the level of a ‘comprehensive strategic partnership’.

In public remarks before the delegation-level talks with Wong, PM Modi highlighted the nature of bilateral ties.

“Our strategic partnership is completing a decade. Over the past ten years, our trade has more than doubled. Mutual investment has increased almost threefold to cross $150 billion. Singapore was the first country with which we launched the UPI Person-to-Person payment facility. In the past ten years, 17 satellites of Singapore have been launched from Indian soil. Our cooperation has gained momentum from skilling to defence sector. The agreement between Singapore Airlines and Air India has strengthened connectivity,” said Modi in Hindi, as per the Ministry of External Affairs (MEA).

Sharing my remarks during meeting with PM @LawrenceWongST.https://t.co/ipc5WmnY6x

— Narendra Modi (@narendramodi) September 5, 2024

Focus on chips, health, AI

At a time when the Modi government is looking to develop a semiconductor manufacturing ecosystem in India, the visit serves as a platform to explore areas of cooperation in the area between India and Singapore.

In a post on X (formerly Twitter), Modi said, “The discussions with my friend PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations.”

In a separate post, Modi said he and Wong visited the AEM Holdings Ltd’s facility in Singapore. The company is a full-stack provider of chipmaking-related solutions.

“Semiconductors and technology are important facets of India-Singapore cooperation. This is also a sector where India is increasing its presence. Today, PM Wong and I visited AEM Holdings Ltd. We look forward to working together in this sector and giving our youth more opportunities,” said Modi.

At the facility, Modi also met a group of Indian engineers working there as interns.

Semiconductors and technology are important facets of India-Singapore cooperation. This is also a sector where India is increasing its presence. Today, PM Wong and I visited AEM Holdings Ltd. We look forward to working together in this sector and giving our youth more… pic.twitter.com/Bdh8nU1w6Y

— Narendra Modi (@narendramodi) September 5, 2024

Top business leaders pledge to invest in India

During his visit to Singapore, Modi also met top business leaders.

The business leaders comprised the CEOs of Blackstone Singapore, Temasek Holdings, Sembcorp Industries Limited, CapitaLand Investment, ST Telemedia Global Data Centers, Singapore Airways, among others.

These business leaders pledged to invest in India.

“We talked about ways to deepen economic linkages. I highlighted the reforms underway in India, which will encourage investment and innovation,” said Modi after the meeting.

Interacted with top business leaders and CEOs in Singapore. We talked about ways to deepen economic linkages. I highlighted the reforms underway in India, which will encourage investment and innovation. pic.twitter.com/3xkFllIJyw

— Narendra Modi (@narendramodi) September 5, 2024

Separately, AEM Holdings Chairman Loke Wai San told DD News that India’s push to promote chipmaking is “absolutely right”. He also said that India is emerging as a place of opportunities regarding semiconductors.

“As part of the new globalisation, you see a lot of high-end mobile electronics companies move to India…That shift is very important as these companies are consumers of semiconductors. The more electronics assembly production you have, the more end-market for semiconductors India will have. So, you have got to think about that ecosystem as logistics also play a role,” said San.

#WATCH | Prime Minister @narendramodi visited AEM Holdings Ltd in Singapore today, aiming to explore key aspects of India-Singapore collaboration in semiconductors and technology.

To discuss this significant partnership, DD India’s @AkshayDongare_ speaks to the Chairman of AEM… pic.twitter.com/WqY9DwFfDh

— DD India (@DDIndialive) September 5, 2024