Prime Minister Narendra Modi’s upcoming visit to Singapore on September 4 marks a pivotal moment in India-Singapore relations, especially in trade and investment. This visit, coming after a six-year gap, underscores the deep economic ties and the evolving strategic partnership between the two nations, as highlighted by Secretary East, Ministry of External Affairs, Jaideep Mazumdar, during a special briefing.
Singapore: A Key Economic Partner for India
Singapore stands as India’s largest trading partner within ASEAN and ranks as the sixth-largest globally. The significance of this relationship is evident in the robust trade and investment flows between the two countries. Over the years, Singapore has become a leading source of Foreign Direct Investment (FDI) into India, contributing a cumulative USD 160 billion since 2000. This strong economic relationship is set to be further strengthened during Prime Minister Modi’s visit, where trade and investment discussions will be at the forefront.
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Responding to media queries, Mazumdar stressed that the Prime Minister’s visit is critical from an economic standpoint. “From the point of view of trade and investment, the PM’s visit to Singapore is significant,” he stated, highlighting that the visit will focus on expanding economic ties and exploring new avenues for collaboration. One of the key elements of the visit will be an interaction with business leaders, where Prime Minister Modi will address CEOs and present India’s growth story firsthand, fostering greater investment opportunities, he said.
Strengthening Bilateral Ties
India and Singapore’s relationship is not just limited to economic cooperation; it is underpinned by a dynamic strategic partnership that has evolved over the years. Mazumdar recalled Prime Minister Modi’s first visit to Singapore during his initial term, noting that the upcoming visit is equally significant, especially with Singapore’s new Prime Minister, Lawrence Wong, at the helm.
This visit comes at a right time as the two nations prepare to celebrate the 60th anniversary of their diplomatic relations in 2025 and mark a decade of their strategic partnership. The recent India-Singapore Ministerial Roundtable, a unique forum that brings together ministers from both sides, identified several forward-looking areas for cooperation. These include digitization, skill development, sustainability, health, advanced manufacturing, and connectivity—all of which are expected to feature prominently in the discussions during Prime Minister Modi’s visit.
New Agreements and Future Prospects
The visit is also likely to see the exchange of multiple Memorandums of Understanding (MoUs) in these forward-looking areas, further cementing the foundation for future collaboration. Mazumdar highlighted that these new agreements would serve as anchors for the next stage of India-Singapore relations, ensuring that both countries remain at the forefront of innovation and economic growth.
From: financialexpress
Financial News
