India & Singapore explore cooperation in digitalisation and advanced manufacturing
| 2024-08-26
The 2nd India-Singapore Ministerial Roundtable was held in Singapore on August 26, 2024.
India and Singapore enjoy a historical relationship which was elevated to a Strategic Partnership in November 2015
Meeting for the 2nd India-Singapore Ministerial Roundtable on Monday (August 26, 2024), the two sides took stock of their bilateral engagement across multiple sectors and decided to intensify cooperation in new and emerging areas. The meeting, held in Singapore, was attended by top ministers handling key sectors from both the countries.
According to India’s Ministry of Finance, the leaders attending the meeting emphasised on ways of further enhancing cooperation between India and Singapore in emerging and futuristic areas. Both sides deliberated upon six pillars identified under ISMR, which include Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, and Advanced Manufacturing and Connectivity, the ministry said in a post on social media platform X, formerly Twitter.
India was represented by Finance & Corporate Affairs Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Minister of Railways, Information and Broadcasting, and Electronics and Information Technology Ashwini Vaishnaw.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, Foreign Minister Vivian Balakrishnan, Home Affairs & Law Minister K Shanmugam, Digital Development and Information Minister Josephine Teo, Minister for Manpower Tan See Leng and Minister for Transport Chee Hong Tat attended from Singapore.
EAM Jaishankar described the meeting as “productive” and said that the ministerial roundtable enables the emergence of a more “contemporary” India-Singapore partnership.
"A productive 2nd India-Singapore Ministerial Roundtable today. We explored India-Singapore cooperation in digital, skill development, sustainability, healthcare, connectivity and advanced manufacturing.
Thank DPM Gan Kim Yong, FM @VivianBala, Home Affairs & Law Minister @kshanmugam, Digital Development and Information Minister @joteo_ylm, Minister for Manpower Dr Tan See Leng and Minister for Transport Chee Hong Tat for their commitment to deepening our relationship.
ISMR enables the emergence of a more contemporary India-Singapore partnership," EAM Jaishankar posted on social media platform X, formerly Twitter.
ISMR is a unique mechanism established to set a new agenda for India–Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022.
During the 1st India-Singapore Ministerial Roundtable, the focus on emerging areas such as Digital Connectivity, Fintech, Green Economy, Green Hydrogen, Skill Development and Food Security provided an ambitious roadmap for further enhancement of the Strategic Partnership between India and Singapore.
India and Singapore enjoy a historical relationship which was elevated to a Strategic Partnership in November 2015. Bilateral business and commercial linkages constitute key drivers of the wide-ranging India-Singapore partnership.
Singapore has been a major source of Foreign Direct Investment for India. According to official data from the Ministry of Commerce and Industry, Singapore was the largest source of foreign direct investment (FDI) for India in 2023-24, with an estimated USD11.77 billion in inflows. The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around USD159.94 billion.
When it comes to bilateral trade, Singapore was the 6th largest global trade partner of India in 2023-24 with a total trade of USD35.61 billion which accounts approximately 29% of India’s total trade with ASEAN.
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