PM Modi congratulates Singaporean PM Lee Hsien Loong for winning election
Led by Prime Minister Loong, the People’s Action Party won 83 out of 93 seats in parliament thereby, securing a clear mandate in the election
Prime Minister Narendra Modi has congratulated his Singaporean counterpart Lee Hsien Loong for winning general elections in the country.
On Saturday, Prime Minister Modi tweeted, “Congratulations to Prime Minister Lee Hsien Loong for success in the General Elections. Best wishes to the people of Singapore for a peaceful and prosperous future.”
Led by Prime Minister Loong, the People’s Action Party won 83 out of 93 seats in parliament, securing a clear mandate in the election.
India and Singapore enjoy robust diplomatic relations for the past 55 years. Besides being the major investor in India, Singapore is also the largest trading partner of New Delhi within the ASEAN group.
Bilateral trade between the two countries expanded after the conclusion of the Comprehensive Economic Cooperation Agreement between the two sides. From US $ 6.7 billion in 2004-05, the trade volume increased to US $ 27.85 billion in 2018-19.
In 2018-19, FDI inflows from Singapore amounted to US $ 16.23 billion out of total FDI receipts in India of USD 44.37 billion.
As per the Ministry of External Affairs, in the fiscal 2019-20, total inflow until September 2019 was USD 8.01 billion while Cumulative FDI from Singapore into India (April 2000- September 2019) is US $ 91.02 billion, accounting for 20 percent of total inflows into India.
The outward Indian FDI to Singapore was US $ 67.64 billion (January 2008 - December 2019) out of which about US$ 2.22 billion in FY 2019-20 till December 2019, making Singapore one of the top destinations for Indian investments.
More than 80 percent of listed offshore bonds by Indian issuers are listed on Singapore Stock Exchange (SGX). Singapore-based investors have Assets Under Management (AUM) valued at over US$ 100 billion in India. Temasek Holding, a Singapore Government Fund, has invested US $ 400 million in the National Infrastructure Investment Fund of India in 2018, following the announcement during Prime Minister Narendra Modi’s 2018 visit.
About 9000 Indian companies are registered in Singapore. 6 PSUs, 9 banks, India Tourism, CII, FICCI have their offices in Singapore. More than 440 companies from Singapore are registered in India.