The fourth India-Singapore Ministerial Roundtable (ISMR) meeting is being held in the capital Singapore to take the bilateral relations and strategic economic partnership between India and Singapore to new heights. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman is leading this high-level Indian delegation. Foreign Minister Dr. S. accompanied him in this important tour. Jaishankar, Commerce and Industry Minister Piyush Goyal and Minister of State for Electronics and IT Jitin Prasad. This meeting is considered a top platform to review the progress of economic cooperation between the two countries and to accelerate investment and trade opportunities in new areas.
Focus on these 6 major pillars including digital and healthcare
Under the ISMR regime established in the year 2022, this time’s agenda mainly focuses on 6 strategic pillars:
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Digitalisation & Fintech: After the success of UPI and PayNow linkage, both the countries are discussing the expansion of digital public infrastructure, cyber security, Artificial Intelligence (AI) and cross-border digital payments.
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Healthcare and Medicine: To promote bilateral cooperation in strengthening pharmaceutical supply chains, telemedicine, medical research and healthcare innovation.
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Advanced Manufacturing: To encourage Singapore companies to invest in India in semiconductor ecosystem, electronic equipment and modern industrial technologies.
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Connectivity and Logistics: To make connectivity between the two countries more efficient in maritime trade, aviation and port logistics.
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Skills Development: To prepare joint programs to provide skill training to the youth in modern technology, robotics and global job market.
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Sustainability and Green Energy: Expanding partnerships in green hydrogen, carbon credit trading and renewable energy projects.
70 member Indian business delegation also present
Along with this government meeting, the fourth India-Singapore Business Roundtable (ISBR) is also being organized. A delegation of more than 70 leading industrialists and corporate leaders from India has reached Singapore along with Union Commerce Minister Piyush Goyal. This includes leading companies from tech, software, banking, pharma and manufacturing sectors. This platform will work to strengthen Government-to-Business (G2B) and Business-to-Business (B2B) networks between the private sectors of the two countries and open new avenues for Foreign Direct Investment (FDI).
Singapore is the largest foreign investor in India
In terms of figures, Singapore has been India’s largest FDI source. Bilateral trade has increased manifold since the Comprehensive Economic Cooperation Agreement (CECA) between the two countries in 2005. The ministerial talks, to be held with Singapore Prime Minister Lawrence Wong and Deputy Prime Minister Gan Kim Yong, will give impetus to the roadmap to take the India-Singapore Comprehensive Strategic Partnership on the ground.