Piyush Goyal meets Temasek, DBS, TVS Motor forward of 2d India-Singapore Ministerial Roundtable as of late – Trade Information

Trade and industry minister Piyush Goyal met with top executives from prominent international companies such as  Temasek holdings, DBS Bank, OMERS, Keppal infrastructure and TVS Motor Company on Sunday in Singapore, as per a statement from the commerce ministry. The meeting set the stage for the second India-Singapore Ministerial Roundtable (ISMR) and had as its main objective strengthening bilateral trade and investment ties.

The second ISMR will take place today in Singapore with the objective of enhancing trade and economic relations between the two nations. Nirmala  Sitharaman, Piyush Goyal, S. Jaishankar and Ashwini Vaishnaw are the four union ministers, who will be present at the meeting. The ministers will engage with the leadership and counterparts in Singapore during their visit.

During the meeting on Sunday, the main objectives were to investigate investment prospects in India, take advantage of the nation’s economic expansion and promote cooperation among diverse industries. However, the focus of these talks was increasing investment, especially in the SME sector; improving India’s investment climate; promoting sustainable development by decarbonisation; and finding ways to work together for family-owned enterprises in a more dynamic global environment.

“In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated $11.77 billion in inflows. In bilateral trade, Singapore was the sixth largest global trade partner of India in 2023-24 with a total trade of $35.61 billion,” the ministry said. 

In order to investigate potential joint ventures for the development of state-of-the-art educational settings between Singapore and India, the Minister also paid visits to the Institute of Technical Education (ITE) headquarters and ITE College Central in Singapore. Furthermore, the minister visited their teaching facilities, which included the Aerospace and Smart Manufacturing Hubs and learnt more about their ongoing education and skill development philosophies.