The relationship between Singapore and India has recently been elevated to a Strategic Partnership
There are more than 20 regular bilateral mechanisms, dialogues and exercises
India is 2nd largest trade partner among ASEAN countries
Singapore emerged as the largest source of FDI in India in 2018-19, and second largest in cumulative FDI since April 2000
US$11.15b is total value of Indian exports in 2021-22
US$18.96b is total value of Indian imports in 2021-22
US$ 115,089mn
is FDI inflow into India from April 2000 - March 2021
US$ 8.01 billion
bilateral trade value for April-November 2022
9.1%
Population of Singapore comprising Indians
6th largest trade partner
Strengths
GDP per capita, is among the highest in the world
13th
largest exporter in the world, with total exports of US$ 411.7 billion in 2018
Enabling environment
Singapore has a well-developed infrastructure, favorable regulatory and taxation frameworks and a skilled workforce
5-S Plank
Agreement to enhance bilateral relationships (i) Scale up Trade & Investment (ii) Speed up Connectivity (iii) Smart Cities and Urban Rejuvenation (iv) Skill development (v) State focus
Finance and Investments
Singapore-based investors have Assets Under Management (AUM) valued at over US$100b in India
Start-up sector
India and Singapore have a robust start-up sector which requires investments
Urban and infrastructure development and smart cities
Singapore entities have become major partners with India in these areas
India's Exports and Imports to Singapore
Source: Department of Commerce
S.No. | \Year | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 |
---|---|---|---|---|---|---|
1. | EXPORT | 11,572.27 | 8,922.66 | 8,675.50 | 11,150.61 | 11,992.94 |
2. | %Growth | -22.90 | -2.77 | 28.53 | 7.55 | |
3. | India’s Total Export | 330,078.09 | 313,361.04 | 291,808.48 | 422,004.40 | 450,958.43 |
4. | %Growth | -5.06 | -6.88 | 44.62 | 6.86 | |
5. | %Share | 3.51 | 2.85 | 2.97 | 2.64 | 2.66 |
6. | IMPORT | 16,281.64 | 14,746.78 | 13,304.92 | 18,962.19 | 23,595.35 |
7. | %Growth | -9.43 | -9.78 | 42.52 | 24.43 | |
8. | India’s Total Import | 514,078.42 | 474,709.28 | 394,435.88 | 613,052.05 | 714,042.45 |
9. | %Growth | -7.66 | -16.91 | 55.43 | 16.47 | |
10. | %Share | 3.17 | 3.11 | 3.37 | 3.09 | 3.30 |
11. | TOTAL TRADE | 27,853.91 | 23,669.44 | 21,980.41 | 30,112.80 | 35,588.29 |
12. | %Growth | -15.02 | -7.14 | 37.00 | 18.18 | |
13. | India’s Total Trade | 844,156.51 | 788,070.32 | 686,244.36 | 1,035,056.45 | 1,165,000.88 |
14. | %Growth | -6.64 | -12.92 | 50.83 | 12.55 | |
15. | %Share | 3.30 | 3.00 | 3.20 | 2.91 | 3.05 |
16. | TRADE BALANCE | -4,709.38 | -5,824.11 | -4,629.42 | -7,811.58 | -11,602.41 |
17. | India’s Trade Balance | -184,000.33 | -161,348.24 | -102,627.40 | -191,047.65 | -263,084.03 |
Note:Since 2006-07, Petroleum figures are being computed from Import Daily trade Returns (DTRs) to genetate country-wise/port-wise tables. Up to 2005-06 consolidated petroleum import figures were being received from the Petroleum Ministry.
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Beer made from malt (220300)
Liqueurs & cordials (220870)
Non-alcoholic beverages other than waters of 2202.10 (not incl. fruit/veg. … (220290)
Sparkling wine of fresh grapes (220410)
Spirits obt. by distilling grape wine/grape marc (220820)
Waters, incl. min. waters & aerated waters, cont. added sugar/oth. sweeteni … (220210)
Whiskies (220830)
Wine other than sparkling wine of fresh grapes, incl. fortified; grape must with fermentation prevented/arrested by the addition of alcohol, in containters of 2 l/less (220421)
Cuts & edible offal of species Gallus domesticus, frozen (020714)
Live fowls of species gallus domesticus, weighing > 185g (010594)
Meat of bovine animals, fresh/chilled, boneless (020130)
Meat of bovine animals, frozen, boneless (020230)
Meat of swine (excl. carcasses/half-carcasses/hams/shoulders & cuts thereof ), froxen (020329)
Other fresh eggs: of fowls of the species gallus domesticus (040721)
Bread, pastry, cakes, biscuits & oth. bakers’ wares n.e.s. in Ch.19, whethe … (190590)
Sugar confectionery other than chewing gum (incl. white chocolate), not con … (170490)
Sweet biscuits (190531)
Malt extract; oth. food preps. of flour/groats/meal/starch/malt extact [see … (190190)
Other wheat and meslin (100199)
Semi-milled/wholly milled rice, whether or not polished/glazed (100630)
Wheat/meslin flour (110100)
Undenatured ethyl alcohol of an alcoholic strength by volume of 80% vol. (220710)
agriexchange.apeda.gov.inChocolate & oth. food preps. cont. cocoa (excl. of 1806.20-1806.32) (180690)
Chocolate & oth. food preps. cont. cocoa, in blocks/slabs/bars, weighing 2k … (180631)
Cocoa beans, whole/broken, raw/roasted (180100)
Butter (040510)
Milk & cream, not concentrated/sweetened, fat content by wt. >1% but not >6 … (040120)
Milk in powder/granules/oth. solid form, fat content by wt. not >1.5% (040210)
Milk in powder/granules/oth. solid form, unsweetened, fat content by wt. >1 … (040221)
Processed cheese, not grated/powdered (040630)
Food preps., n.e.s. (210690)
Prepared/presvd. preps. of fowls of the genus Gallus domesticus (excl. homo … (160232)
Sauces & preps. therefor, n.e.s.; mixed condiments & mixed seasonings, n.e. … (210390)
Whey & modified whey, whether or not concentrated/sweetened (040410)
Apples, fresh (080810)
Grapes, fresh (080610)
OTHER LEGUMINOUS VEGETABLES, SHELLED OR UNSHELLED, FRESH OR CHILLED (070999)
agriexchange.apeda.gov.inCrustaceans; frozen, shrimps and prawns, excluding cold-water varieties, in shell or not smoked, cooked or not before or during smoking; in shell, cooked by steaming or by boiling in water (030617)
Crustaceans; not frozen, crabs, whether in shell or not smoked, cooked or not before or during smoking; in shell, cooked by steaming or by boiling in water, edible flours, meals and pellets (030624)
Fish preparations, fish minced or in forms n.e.c. in heading no. 1604, prepared or preserved (160420)
Fish; frozen, toothfish (Dissostichus spp.), excluding fillets, livers, roes, and other fish meat of heading 0304030383
Mollusc preparations; abalone, prepared or preserved (160557)
Nuts (excl. ground-nuts), incl. mixts., prepd./presvd., whether or not cont … (200819)
agriexchange.apeda.gov.in*Information subject to changes amid the global COVID-19 pandemic.
Currently there are more than 1.3 million foreign workers in Singapore, employed majorly by over 7,000 multinational companies operating in the island state. The region has emerged as a leading centre for hitech innovation and heavy cross-border investment, attracting the best of the global talent.
Research, innovation and enterprise are cornerstones of Singapore’s national strategy. Singapore is investing more in research and development (R&D) in the three areas of digital technology, cell therapy manufacturing, brain studies, ageing and sustainable urban food production, including cultured meat and microbial proteins.
Ethnic Indians constitute about 9.1% or around 350,000 of the resident population of 3.9 million in Singapore. In addition, among the 1.6 million foreigners residing in Singapore, about 21% or around 350,000 are Indian expatriates holding Indian passports, mostly serving in financial services, IT, students, construction and marine sectors. There are about 150,000 Indian migrant workers in Singapore.
More Info: Work passes and permits Immigration & Checkpoints Authority Work Pass Division Foreign Manpower Management Division
Public and private infrastructure building, maintenance
Driven by large transport projects, Singapore’s construction sector is estimated to record average growth of around 3.3% over 2019-28, as per Fitch Solutions. Construction of civic infrastructure and connectivity projects has been supported by foreign workers at different levels in Singapore. Distribution and logistics sector also draws foreign manpower.
Building and Construction AuthorityWork Permit for foreign workerConventional energy, power utilities and renewable energy jobs
Singapore has emerged as one of Asia’s leading petrochemical and refining centers and oil trading hubs. Energy utilities, from conventional to renewables, in Singapore draw foreign workers with varied capabilities.
Energy & Chemicals (EDB)Work Permit for foreign workerTax, accounting, banking, insurance, audit and other financial services
Singapore houses a dense concentration of more than 1,200 financial institutions. A leading destination of retail financial services as well as global tradings in commodities and foreignexchanges. Financial services in Singapore employs large number of expat workers.
Financial sector in SingaporeWork Permit for foreign workerDoctors, nurses, radiologists, lab technicians
Singapore’s healthcare sector is expected to attain a valuation of around US$44 billion by 2030. Singapore attracts large number of healthcare workers ranging from doctors to nurses and lab technicians.
Ministry of HealthWork Permit for foreign workerSoftware, hardware, new technology in telecoms and communications
Singapore’s IT industry was the strongest-performing in the world in 2017, with overall sector growth of 60% from the previous year. The IT and ICT infrastructure in Singapore has been set up and is supported by foreign workers. In the last couple of years, the priority is given to professionals who have skills in the deep technologies like AI, IoT, Industry 4.0 & Machine Learning.
Information & Communications Technology (EDB)Work Permit for foreign workerAutomobile to food products production
Singapore’s manufacturing sector contributes as much as 20% of the annual national GDP. The manufacturing industry in Singapore, covering a range of products, including electronics, biomedical, food processing, chemicals draws foreign manpower. The manufacturing industry in Singapore, covering a range of products, draws foreign manpower.
Singapore Economic Development BoardWork Permit for foreign workerHere are the leading sectors of opportunities for foreign investors
International Enterprise Singapore (IE) and Singapore Tourism Board have their offices in India
Singapore Airlines holds a 49% stake in Vistara, a JV with Tata Group
Tata Communications has a significant presence in Singapore
TCS and Infosys have representative offices in Singapore
Bank of India, UCO Bank, Indian Bank have offices in Singapore
SBI and ICICI have been granted Qualifying Full Bank (QFB) status
Prime Minister Narendra Modi will visit Singapore on 4-5 September …
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