S. Jaishankar and three Union Ministers Attend Key India-Singapore Meet
Four Indian Union Ministers S. Jaishankar, Nirmala Sitharaman, Piyush Goyal, and Ashwini Vaishnaw are scheduled to represent India at today's India-Singapore ministerial meeting. The primary agenda of the meeting will be to strengthen trade and economic ties between the two countries.
The India-Singapore Ministerial Roundtable (ISMR) is a unique forum established to shape a new path in the bilateral relationship between the two countries. The inaugural meeting was held in New Delhi in September 2022, initiating a strategic dialogue focused on enhancing bilateral ties.
The Commerce and Industry Minister Piyush Goyal is set to engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum, as reported. He will explore strategies to bolster bilateral trade and investment, capitalizing on New Delhi’s burgeoning market opportunities and its dynamic growth trajectory.
"Commerce and Industry Piyush Goyal will participate in the second ISMR along with Finance Minister Nirmala Sitharaman, External Affairs Minister Subrahmanyam Jaishankar and Minister for Railways, Information and Broadcasting, and Electronics and Information Technology Ashwini Vaishnaw”, the commerce and industry ministry said.
During their visit, the ministers will interact with the Singaporean counterparts and leadership. "This second meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues to further elevate and broaden it", the ministry said.
Singapore has notably been a key investor in India, consistently ranking as a leading source of Foreign Direct Investment (FDI). In the fiscal year 2023-24, Singapore was the largest contributor, investing USD 11.77 billion into the Indian market. Over the long term, from April 2000 to March 2024, Singapore's cumulative FDI in India has amounted to an impressive USD 159.94 billion, highlighting the profound and significant nature of this economic partnership.
In bilateral trade, Singapore ranked as India's sixth largest global trade partner for the fiscal year 2023-24, with a total trade volume of USD 35.61 billion. This represents nearly 29 percent of India's trade with the ASEAN (Association of Southeast Asian Nations) region. During this period, India's exports to Singapore amounted to USD 14.41 billion, while imports from Singapore totaled USD 21.2 billion, leading to a trade deficit in favor of Singapore.
