"India and Singapore Strengthen Cooperation in Emerging, Futuristic Areas"

27 Aug, 2024

"India and Singapore Strengthen Cooperation in Emerging, Futuristic Areas"

India and Singapore have committed to deepening cooperation in emerging and futuristic sectors, as discussed during the recent meeting led by Finance Minister Nirmala Sitharaman and Singapore's Deputy Prime Minister Gan Kim Yong. The dialogue focused on six key pillars identified under the India-Singapore Ministerial Roundtable (ISMR), including Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, Advanced Manufacturing, and Connectivity.

Both nations also explored plans for commemorating the 60th Anniversary of diplomatic relations and discussed regional and global cooperation, particularly concerning ASEAN and G20 developments.The ISMR, a mechanism aimed at advancing India-Singapore bilateral relations, has already yielded successful outcomes, including MoUs on healthcare, education, digital cooperation, and semiconductor ecosystems.

The first round of ISMR meetings, held in New Delhi in September 2022, established a framework for reviewing and expanding the strategic partnership between the two countries. Singapore remains a significant source of foreign direct investment (FDI) for India, with $11.77 billion invested in 2023-24 alone, contributing to a cumulative FDI of $159.94 billion from April 2000 to March 2024. In bilateral trade, Singapore is India's sixth-largest global trade partner, with a total trade value of $35.61 billion in 2023-24.