August 27, 2024
The India-Singapore Ministerial Roundtable in Singapore saw unprecedented participation of 10 Ministers from both nations
Discussions focused on enhancing strategic partnerships in trade, investments, digital cooperation, and sustainability
Indian Ministers engaged with six Singaporean counterparts and the top leadership of Singapore during the roundtable
The bilateral trade between India and Singapore has grown significantly, reaching US$ 35.6 billion in 2023-24, driven by the CECA agreement
The second round of the India-Singapore Ministerial Roundtable took place in Singapore on Monday, marking an unprecedented moment in diplomacy with the participation of 10 Ministers from both countries. This high-level meeting explored various avenues to strengthen the strategic partnership between India and Singapore, particularly in investments, trade, and other critical sectors, ahead of Prime Minister Narendra Modi’s scheduled visit to Singapore on 5th September.
Officials confirmed that the discussions between the two sides delved into furthering cooperation in digital innovation, skill development, sustainability, healthcare, connectivity, and advanced manufacturing. Key Indian Ministers present at the meeting included Finance and Corporate Affairs Minister Nirmala Sitharaman, External Affairs Minister Dr S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Railways, Information and Broadcasting, and Electronics and Information Technology Minister Ashwini Vaishnaw. These Ministers negotiated with six Singaporean Ministers and met with Singapore’s top leadership.
The India-Singapore Ministerial Roundtable is a distinctive mechanism designed to chart a new course for bilateral relations between the two nations. Its inaugural session was held in September 2022. As India’s largest trade partner within the ASEAN region, Singapore is pivotal in India’s economic landscape. Singapore is the leading source of Foreign Direct Investment (FDI) into India and a major contributor to External Commercial Borrowings and Foreign Portfolio Investment. Since the conclusion of the Comprehensive Economic Cooperation Agreement (CECA), bilateral trade has surged from US$ 6.7 billion in FY 2004-05 to US$ 35.6 billion in 2023-24, according to a note from the Ministry of External Affairs (MEA). Singapore now ranks as India’s eighth-largest trade partner globally.
FDI equity inflows from Singapore into India amounted to US$ 17.20 billion during 2022-23, compared to US$ 15.87 billion in 2021-22. Despite the challenges posed by the COVID-19 pandemic, Singapore remained the largest source of FDI into India in 2020-21, with inflows of US$ 17.42 billion, up from US$ 14.67 billion in the previous fiscal year, as per MEA data.
The Singapore Stock Exchange (SGX) is a preferred listing destination for more than 80% of offshore bonds issued by Indian companies, and approximately 9,000 Indian companies are registered in Singapore. Additionally, Singapore has collaborated with the Indian central and state governments and various governmental organisations to establish skill development centres across multiple sectors. The scope of cooperation between the two countries has expanded significantly regarding technology, innovation, fintech, and startups.
Prime Minister Modi has often expressed admiration for Singapore’s economic model. Over the past year, Singapore’s Sovereign Wealth Funds have increasingly bolstered their investments in India, further cementing their strong economic ties.
Source: Economic Times