On Monday, India and Singapore reaffirmed their commitment to strengthening cooperation in emerging and futuristic sectors. The discussions took place during the second India-Singapore Ministerial Roundtable (ISMR), with the Indian delegation led by Finance Minister Nirmala Sitharaman and the Singaporean delegation led by Deputy Prime Minister Gan Kim Yong.
“During the meeting, the leaders 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 and Medicine, and Advanced Manufacturing and Connectivity,” the finance ministry shared in a post on X.
The leaders also explored plans to celebrate the 60th anniversary of diplomatic relations between India and Singapore, alongside discussions on regional and global collaboration, particularly within the frameworks of ASEAN and the G20.
The meeting highlighted the progress made since the first ISMR, including the successful conclusion of Memorandums of Understanding (MoUs) in healthcare, education and skill development, digital cooperation, and the semiconductor ecosystem. The discussions were attended by key Indian ministers, including External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Railway Minister Ashwini Vaishnaw.
The ISMR is a unique platform designed to set a forward-looking agenda for India-Singapore bilateral relations. The inaugural meeting took place in New Delhi in September 2022. This roundtable allows both nations to review various aspects of their strategic partnership and explore new avenues to enhance and expand their collaboration.
Singapore has been a significant source of Foreign Direct Investment (FDI) for India. In the fiscal year 2023-24, Singapore emerged as the largest source of FDI, contributing USD 11.77 billion to Indian markets. The cumulative FDI inflow from Singapore from April 2000 to March 2024 reached USD 159.94 billion.
