The two sides discussed ways to propel strategic partnership including in investments and trade ahead of PM Narendra Modi’s proposed visit to the city state on September 5. The two sides explored further cooperation in digital, skill development, sustainability, healthcare, connectivity and advanced manufacturing, officials informed.
Indian Ministers who participated at the meet were Nirmala Sitharaman, Minister of Finance & Corporate Affairs, Dr. S. Jaishankar, Minister of External Affairs, Piyush Goyal, Minister of Commerce and Industry and Ashwini Vaishnaw, Minister of Railways, Information and Broadcasting, and Electronics and Information Technology.
During their visit, the Ministers interacted with six Singaporean Ministers and called on the top Singaporean leadership.
India Singapore Ministerial Roundtable is a unique mechanism established to set a new agenda for India–Singapore bilateral relations. Its inaugural meeting was held here in September 2022.
Singapore is India’s largest trade partner in ASEAN. It is the leading source of FDI, among the largest sources of External Commercial Borrowings and Foreign Portfolio Investment. Bilateral trade expanded after the conclusion of CECA from USD 6.7 billion in FY 2004-05 to USD 35.6 billion in 2023-24, according to a MEA note. Singapore is India’s 8th largest trade partner.FDI equity inflows in India from Singapore during 2022-23 stood at USD 17.20 billion (USD 15.87 billion in 2021-22). In 2020-21, despite COVID situation, Singapore was the largest source of FDI into India, with FDI inflows of USD 17.42 bn as compared to the USD 14.67 bn received in 2019-20, according to the MEA note. More than 80 % of listed offshore bonds by Indian issuers are listed on Singapore Stock Exchange (SGX). About 9000 Indian companies are registered in Singapore.
Singapore is working with the Central and state Governments as well as Government organisations to establish skill development centres in various sectors. Cooperation in the areas of technology, innovation, fintech and startups have grown. The Singaporean economic model has often been admired by Modi and over the last year Sovereign Wealth Funds of Singapore has increased their presence in India.
