Finance Minister Nirmala Sitharaman; Commerce and Industry Minister Piyush Goyal; External Affairs Minister S Jaishankar; and Railways, Electronics, and Information and Broadcasting Minister Ashwini Vaishnaw will on Monday attend a key meeting that aims to strengthen bilateral ties between India and Singapore.
The second India-Singapore Ministerial Roundtable (ISMR) is scheduled to be held in Singapore. The meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues to further elevate and broaden it, an official statement said on Sunday.
ISMR is a mechanism established to set a new agenda for India-Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022.
During their visit, the ministers will interact with their Singaporean counterparts and leadership. On Sunday, Goyal met leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum to explore strategies to bolster bilateral trade and investment.
“Wrapped up a very fruitful day in Singapore today, with interactions and discussions with leaders of major global investment firms having over $500 billion of assets under management. Positioned India as an attractive investment destination and invited these multinationals to be a part of our development journey,” Goyal said on X.
Singapore has been a major source of foreign direct investment (FDI) for India. In FY24, Singapore was the largest source of FDI for India, with an estimated $11.77 billion in inflows. The cumulative inflow of FDI from Singapore between April 2000 and March 2024 is around $159.94 billion.
Singapore was the sixth largest global trade partner of India in FY24, with a total trade of $35.61 billion. This accounts for approximately 29 per cent of India’s total trade with the 10 Association of Southeast Asian Nations (ASEAN).
First Published: Aug 25 2024 | 8:54 PM IS