Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, External Affairs Minister S Jaishankar and Railways, Electronics, Information and Broadcasting Minister Ashwini Vaishnaw will attend a key meeting on Monday aimed at strengthening bilateral ties between India and Singapore.
The second India-Singapore Ministerial Round Table (ISMR) will be held in Singapore. The meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues for enhancing and expanding it, according to an official statement released on Sunday.
The ISMR is a mechanism created to set a new agenda for bilateral relations between India and Singapore. Its inaugural meeting was held in New Delhi in September 2022.
During their visit, the ministers will interact with their Singaporean counterparts and leaders. On Sunday, Goyal met with leading global business figures including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure and the Landlords Forum in Singapore to explore strategies to boost bilateral trade and investment.
“We concluded a very fruitful day in Singapore today, with interactions and discussions with leaders of leading global investment firms with over $500 billion in assets under management. We 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 FY2024, Singapore was the largest source of FDI for India, with an estimated inflow of USD 11.77 billion. The cumulative FDI inflow from Singapore between April 2000 and March 2024 is about USD 159.94 billion.
Singapore was India’s sixth-largest trading partner in the world in FY24, with total trade of $35.61 billion, accounting for about 29 per cent of India’s total trade with the ten Association of Southeast Asian Nations (ASEAN) countries.
First published: August 25, 2024 | 20:54 IS
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