With a long tradition of friendship based on mutual respect and trust, and extensive cooperation across a wide range of areas, India-Singapore cooperation has diversified over the years and acquired a level of maturity that provides a solid foundation to further build on.
Today, Singapore is counted amongst the top trading partners of India (US$ 35.6 bn in 2023-24) globally and amongst the largest sources of foreign direct investment (US$ 11.8 bn in 2023-24). Indian investments in Singapore are also sizable (US$ 4.9 bn in 2023-24) and close to 9000 Indian companies are registered in Singapore as it offers a perfect springboard into the larger ASEAN market.
The government is taking specific actions to strengthen this relationship and harness its power to drive economic growth and help create more jobs. There was a high level delegation to Singapore last week, which included a Government Roundtable with senior ministers from both countries and a Business Roundtable with key business leaders.
The discussion was very productive and identified specific areas of collaboration, which are summarised here:
First area is infrastructure. Today, in India, we are seeing some of the largest infrastructure and connectivity projects being conceived and implemented. Given the expertise that resides with infrastructure developers in Singapore, there is a lot we can learn in areas such as urban planning, smart cities and climate proofing infrastructure. Further, our government recently announced creation of 12 new industrial cities as “Smart Cities,” where next-generation technologies will seamlessly integrate with infrastructure sector. Second area is sustainability. India has set for itself an ambitious target of net zero by 2070. Many of our industries are working towards a transition path that would allow them to lower their emissions. We are also focussed on introducing circular economy practices across different sectors. All these areas are equally important for Singapore, and we see great potential in forging partnerships in all these areas that would push the frontiers of sustainability.
Third area is artificial intelligence. AI application are redefining sectors such as healthcare, finance and manufacturing. There is ample scope to undertake joint R&D initiatives in AI and we must look at setting up a bilateral AI lab.
Fourth area is skill development. With the rapid advent of technology, the skills required to match the jobs of the future are changing very fast. Our companies can work together to design and implement joint skill development programs tailored to evolving industry needs.
Fifth area is advanced manufacturing. India and Singapore firms can develop rewarding partnerships in advanced manufacturing including areas such as automation, robotics, AI integration and precision engineering. We can also make good use of India manufacturing scale and Singapore’s strategic location for developing supply chains for the ASEAN regions areas like electronics, semiconductors, automotive, aerospace etc. .
The India-Singapore partnership will enable us to enhance economic cooperation, foster mutual growth and tackle future challenges together. We look forward to further strengthening the economic bridge between India and Singapore!