India-Singapore Trade Relations: New Strategic Partnership Unveiled

18 Sep, 2024

India-Singapore Trade Relations: New Strategic Partnership Unveiled

Prime Minister Narendra Modi’s upcoming visit to Singapore on September 4 marks a pivotal moment in India-Singapore relations, particularly in trade and investment. This visit, the first in six years, highlights the deep economic ties and the evolving strategic partnership between the two countries.

Singapore is India's largest trading partner within ASEAN and the sixth-largest globally. This strong economic relationship is underscored by significant trade and investment flows. Singapore has been a major source of Foreign Direct Investment (FDI) into India, contributing a cumulative USD 160 billion since 2000. The visit aims to further strengthen these economic ties through discussions focused on expanding trade and exploring new investment opportunities.

During the visit, Prime Minister Modi will engage with business leaders, addressing CEOs and presenting India’s growth story to foster greater investment. The visit is also significant as it coincides with the upcoming 60th anniversary of diplomatic relations between India and Singapore and a decade of their strategic partnership.

New agreements are expected to be signed in areas like digitization, skill development, sustainability, health, advanced manufacturing, and connectivity. These agreements are anticipated to anchor the next stage of India-Singapore relations, positioning both nations at the forefront of innovation and economic growth.