India, Singapore Pledge Enhanced Cooperation in Key Future-Oriented Sectors

India and Singapore have committed to strengthening their collaboration in emerging and futuristic sectors. The Indian delegation, led by Finance Minister Nirmala Sitharaman, discussed six key areas during the India-Singapore Ministerial Roundtable (ISMR). Singapore's Deputy Prime Minister Gan Kim Yong headed the Singaporean delegation at the second ISMR.

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The six pillars identified under ISMR include Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, Advanced Manufacturing, and Connectivity. Both sides explored ways to enhance cooperation in these areas. The finance ministry shared this information on X.

Commemorating Diplomatic Relations

The leaders also discussed plans to celebrate the 60th Anniversary of diplomatic ties between India and Singapore. They reviewed regional and global cooperation, including developments in ASEAN and G20. The discussions from the first ISMR led to successful MoUs on healthcare, education & skill development, digital cooperation, and semiconductor ecosystem cooperation.

Singapore has been a significant source of foreign direct investment (FDI) for India. In 2023-24, it was the largest source of FDI inflows with USD 11.77 billion invested in Indian markets. From April 2000 to March 2024, the cumulative FDI from Singapore amounted to USD 159.94 billion.

Trade Relations

In bilateral trade, Singapore ranked as India's sixth-largest global trade partner in 2023-24. The total trade between the two nations was USD 35.61 billion, accounting for about 29% of India's total trade with ASEAN countries. India's exports were valued at USD 14.41 billion, while imports stood at USD 21.2 billion, resulting in a trade gap favouring Singapore.

The ISMR is a unique platform designed to set a new agenda for India-Singapore bilateral relations. Its inaugural meeting took place in New Delhi in September 2022. This mechanism allows both countries to review various aspects of their strategic partnership and identify new opportunities to elevate and broaden it.

Alongside Sitharaman, External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Railway Minister Ashwini Vaishnaw attended the meeting. The leaders emphasised enhancing cooperation between India and Singapore in emerging and futuristic areas.

This meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues to further elevate and broaden it.