India-Singapore Ministerial: Focus on semiconductors & aviation sectors

The second round of the India-Singapore Ministerial Roundtable was held in Singapore, featuring participation from 10 Ministers from both sides, which was an unprecedented event in diplomatic history. The discussions focused on advancing the strategic partnership in investments and trade in anticipation of Prime Minister Mr. Narendra Modi’s proposed visit to Singapore on September 5. Indian Ministers engaged with 6 Singaporean Ministers and met with top Singaporean leadership to explore further cooperation in digital technology, skill development, sustainability, healthcare, connectivity, and advanced manufacturing.

The India-Singapore Ministerial Roundtable is a unique platform established to set a new agenda for bilateral relations, with its inaugural meeting in September 2022. Singapore, India’s largest trade partner in ASEAN, is a leading source of FDI, External Commercial borrowing, and Foreign Portfolio Investment. Bilateral trade has grown from US$ 6.7 billion in FY05 to US$ 35.6 billion in 2023-24, making Singapore India’s 8th largest trade partner. FDI equity inflows from Singapore into India reached US$ 17.20 billion in 2022-23. More than 80% of listed offshore bonds by Indian issuers are listed on the Singapore Stock Exchange (SGX), and around 9,000 Indian companies are registered in Singapore. Singapore is also working with Indian governments to establish skill development centres. At the same time, cooperation in technology, innovation, fintech, and startups has seen significant growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.