On Sunday, Union Minister of Commerce & Industry, Piyush Goyal, inaugurated Invest India’s inaugural international office in Singapore. This marks a significant milestone as it is the first overseas office established by Invest India.
The Ministry of Commerce & Industry highlighted that this move underscores India’s dedication to enhancing global investment partnerships and simplifying the process for international investors to engage with the Indian market. The newly established Singapore office will act as a central hub for companies in the region that are keen to invest in India, fostering collaboration across various industries.
The decision to open this office follows Prime Minister Narendra Modi’s announcement during his visit to Singapore on September 4th and 5th, 2024, where he shared the plan to launch an Invest India office in the city-state.
At the inauguration, Minister Goyal remarked, “Singapore is a key strategic partner for India, and this office marks a new chapter in our efforts to strengthen economic cooperation with Singapore and the broader ASEAN region.”
He further added, “We plan to open more overseas Invest India offices in the coming months with an aim to provide global investors seamless access to India’s dynamic and growing economy.”
During his recent trip to Singapore, PM Modi engaged with leading business figures and CEOs, emphasizing the economic reforms and policy measures designed to improve India’s business environment. These discussions focused on promoting innovation across a wide range of sectors while exploring fresh avenues for collaboration and economic growth.
Singapore stands as India’s largest trading partner within the ASEAN bloc and was the top source of Foreign Direct Investment (FDI) for India in the last financial year, contributing $11.77 billion in 2023 alone. Additionally, Singapore is India’s sixth-largest trade partner globally.
This new office is expected to play a crucial role in boosting bilateral investments and strengthening the economic ties between India and Singapore
