The 2nd round of the India-Singapore Ministerial Roundtable (ISMR) is set to take place in Singapore today, marking a pivotal moment in the ongoing efforts to bolster the strategic partnership between the two nations.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will lead the Singapore delegation, which also comprises Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for Home Affairs and Law K Shanmugam, Minister for Digital Development and Information and Second Minister for Home Affairs Josephine Teo, Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng, and Minister for Transport and Second Minister for Finance Chee Hong Tat.
The ISMR delegation from India will comprise Minister of Finance and Corporate Affairs Nirmala Sitharaman, Minister of External Affairs Dr S Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology, Railways, Information and Broadcasting Ashwini Vaishnaw.
Besides attending the ISMR, the Indian Ministers will be hosted to lunch by President Tharman Shanmugaratnam and call on Prime Minister and Minister for Finance Lawrence Wong. They will also be hosted to dinner by Deputy Prime Minister Gan.
During this high-level roundtable, the Indian Ministers will engage with their Singaporean counterparts and the leadership of Singapore, with discussions focusing on enhancing bilateral cooperation across various sectors. The roundtable will serve as a platform to review the progress made since the inaugural meeting in New Delhi in September 2022 and to chart a new course for future collaboration.
The interactions aim to explore strategies to further strengthen trade and investment ties, leveraging India’s dynamic growth and expanding market opportunities.
Singapore has been a crucial partner for India, particularly as the largest source of foreign direct investment (FDI) in the fiscal year 2023-24, contributing an estimated USD 11.77 billion. Additionally, Singapore was India’s 6th largest global trade partner during the same period, with bilateral trade reaching USD 35.61 billion, accounting for approximately 29 per cent of India’s total trade with ASEAN.
In terms of bilateral trade, Singapore ranked as India’s sixth-largest global trade partner in 2023-24, with total trade amounting to USD 35.61 billion, representing approximately 29 per cent of India’s total trade with ASEAN (Association for Southeast Asian Nations). India’s exports to Singapore stood at USD 14.41 billion, while imports were USD 21.2 billion, resulting in a trade deficit favourable to Singapore.
On Sunday, Union Minister for Commerce and Industry Piyush Goyal engaged in discussions with global business leaders in Singapore, focusing on bilateral trade and investment issues.
According to a statement from the Ministry of Commerce and Industry, the meeting centred on enhancing investment opportunities between India and Singapore, with an emphasis on mutual growth and collaboration across various sectors.
The discussions highlighted the potential for increasing investments, particularly in the SME sector. These interactions reaffirmed the commitment to strengthening economic ties between India and Singapore, promoting mutual growth and innovation.
The Union Minister also visited the Institute of Technical Education (ITE) Headquarters and ITE College Central in Singapore to explore collaborative opportunities in creating advanced learning environments between the two nations.
The Union Finance Minister, Nirmala Sitharaman also arrived in Singapore on Sunday to participate in the meet.
As the 2nd ISMR unfolds, both sides are expected to reaffirm their commitment to deepening this robust partnership, identifying new avenues for cooperation, and setting the stage for sustained economic and strategic collaboration.
