BUSINESS
India and Singapore on Monday pledged to reinforce their ties in emerging areas such as digital connectivity, fintech, green economy, green hydrogen, skill development and food security. In the second meeting of their ministerial roundtable held in Singapore on Monday, sustainability, healthcare, connectivity and advanced manufacturing were discussed, according to external Affairs minister S Jaishankar said in a post on X. From the Indian side apart from him, finance minister Nirmala Sitharaman, commerce and industry Minister Piyush Goyal and minister of electronics and information technology Ashwani Vaishnav participated in the round-table. From Singapore Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong led the delegation. Foreign Minister, Minister for Digital Development and Information, Minister for Manpower and Second Minister for Trade and Industry and Minister for Transport and Second Minister for Finance were part of the roundtable. The ISMR is a key bilateral platform for Ministers from Singapore and India to discuss bilateral cooperation and exchange views on issues of mutual interests. Its first meeting was held in 2022. The second ISMR also reviewed the progress from the first meeting, held in New Delhi and identified new growth areas of cooperation. The Indian ministers also called on President of Singapore Tharman Shanmugaratham and Prime Minister Lawrence Wong prior to the roundtable. The focus at that meeting was on emerging areas such as digital connectivity, fintech, green economy , green hydrogen, skill development and food security for enhancement of the strategic partnership between the two countries. During the first ISMR, FinTech Cooperation Agreement was signed between the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) in Gujarat. On landing in Singapore on Sunday, Commerce and Industry Minister discussed bilateral trade and investment issues with the global business leaders in Singapore like Temasek holdings, DBS bank, OMERS, Keppal infrastructure and TVS Motor Company . The focus was on exploring investment opportunities in India, leveraging the country’s economic growth, and fostering collaboration across sectors. India and Singapore have a strong trade and economic engagement. The Comprehensive Economic Partnership Agreement (CEPA) between the two sides has been functional since 2005. Bilateral trade expanded after the conclusion of CECA from $ 6.7 billion in 2004-05 to $ 35.6 billion in 2023-24. India’s exports to Singapore stood at $ 14.4 billion while imports were $ 21.1 billion. Singapore has been a major source of FDI for India. In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated $11.77 billion in inflows. The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around $159.94 billion. None
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