Commerce Minister Piyush Goyal holds discussions on expanding India-Singapore Economic Collaboration through strategic investment dialogues

Union Minister for Commerce & Industry, Shri Piyush Goyal discussed bilateral trade and investment issues with the global business leaders in Singapore like Temasek holdings, DBS bank, OMERS, Keppal infrastructure and TVS Motor Company in Singapore.

Shri Goyal reached Singapore today (on 25th August 2024) to participate in 2nd India Singapore Ministerial Roundtable (ISMR) to be held on 26th August 2024.

In the meetings, key discussions were held to explore and enhance investment opportunities between India and Singapore, focusing on mutual growth and collaboration across diverse sectors.

The focus was on exploring investment opportunities in India, leveraging the country’s economic growth, and fostering collaboration across various sectors. These discussions emphasized scaling up investments, particularly in the SME sector, enhancing India’s investment climate, supporting sustainable development through decarbonization, and identifying synergies for family-owned businesses in a changing global landscape. These engagements underscore the commitment to strengthening economic ties between India and Singapore for mutual growth and innovation.

Commerce and Industry Minister also visited the Institute of Technical Education (ITE) Headquarters and ITE College Central in Singapore to explore opportunities for collaboration between India and Singapore in developing cutting-edge learning environments.

These environments aim to equip young talent with future-ready skills tailored to the diverse needs of various industries. During his visit, he toured their teaching facilities, including the Aerospace and Smart Manufacturing Hubs, and gained deeper insights into the philosophy of continuing education and skill development.

These discussions and visits reinforce the strong and growing relationship between India and Singapore, highlighting the strategic importance of their economic and educational partnerships in driving future growth and development. Singapore has been a major source of FDI for India. In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated $11.77 billion in inflows. In bilateral trade, Singapore was the 6th largest global trade partner of India in 2023-24 with a total trade of $35.61 billion.