On Monday, August 27, India and Singapore committed to strengthening collaboration in cutting-edge areas.

The Indian team, headed by Finance Minister Nirmala Sitharaman, discussed six key areas identified during the India-Singapore Ministerial Roundtable (ISMR). Deputy Prime Minister Gan Kim Yong led the Singapore team during the second ISMR.

In a post on X, the finance ministry stated that the leaders highlighted the importance of enhancing cooperation between India and Singapore in emerging and futuristic areas during the meeting.

Both parties deliberated on the six pillars identified under ISMR, including Digitalization, Skill Development, Sustainability, Healthcare and medicine, and Advanced Manufacturing and Connectivity.

The leaders also discussed plans to mark the 60th Anniversary of diplomatic relations between India and Singapore, regional and global collaboration, and developments in ASEAN and G20.

The leaders acknowledged that the discussions in the first round of ISMR led to the successful signing of MoUs on healthcare, education & skill development, digital cooperation, and semiconductor ecosystem cooperation. 

ISMR is a distinctive mechanism that was established to set a new direction for India-Singapore bilateral relations.

Sitharaman, External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Railway Minister Ashwini Vaishnaw attended the meeting.

Its inaugural session took place in New Delhi in September 2022. This meeting will enable both sides to review various aspects of their strategic partnership and uncover new opportunities for further advancement.

Singapore has been India’s major contributor to India’s FDI (foreign direct investment). Singapore was the largest source of these inflows in 2023-24, with assets of USD 11.77 billion in Indian markets.

The cumulative FDI inflow from Singapore from April 2000 to March 2024 was USD 159.94 billion.

In bilateral trade, Singapore was India’s sixth largest global trade partner in 2023-24, with total trade amounting to USD 35.61 billion, representing approximately 29% of India’s trade with ASEAN (Association for Southeast Asian Nations).

India’s exports totalled USD 14.41 billion, while imports were USD 21.2 billion, resulting in a trade gap in favour of Singapore.

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