India, Singapore in talks to boost ties in industrial parks, semiconductor sector, Singapore News
In a doorstop interview after the conclusion of the ISMR, DPM Gan said that Singapore's six-member delegation held productive talks with their Indian counterparts and detailed potential collaborations regarding sustainability, digitalisation, skills development, healthcare and medicine, advanced manufacturing, and connectivity.
In particular, DPM Gan highlighted interest from Singaporean companies to set up a semiconductor ecosystem between the two nations in hopes of strengthening their supply chains.
Citing the "very long and complex" supply chains where different semiconductor parts are often manufactured at separate locations, DPM Gan said that it is important for businesses to diversify their pipelines so that they are less susceptible to disruption, alluding to the external disruptions caused by US tariffs.
"This will also give us more options and more alternatives in terms of where we source our components from and where we sell our products to," he added, also mentioning pharmaceuticals, which is another sector with elaborate supply chains.
According to DPM Gan, many local companies and MNCs operating in Singapore are particularly interested in exploring how they can integrate their processes and invest in India.
Developing an ecosystem between the two countries is "a win-win proposition for the semiconductor industry", he said, adding that it is important for Singapore to continue to work with its trading partners, regardless of the tariffs.
"From Singapore's point of view, it will allow our semiconductor industries to be more resilient in terms of the supply chain. For India, this will create investment opportunities and job opportunities for the Indian economy." Promoting sustainability in trade
Both countries also discussed the possibility of developing sustainability-related industrial parks in India, said DPM Gan.
This comes amid the issue of climate change and the resultant interest from businesses to move towards a low-carbon future, he said, which India will focus on when developing new industrial parks.
These parks will be developed with an added emphasis on promoting sustainability through recycling and waste treatment, in addition to using greener energy sources rather than the traditional fossil fuels.
On the investment side, DPM Gan also said that the two nations are looking for interest among sustainability-related industries.
"We are discussing with the Indian government on how to conduct a process in accordance to rules and regulations to ensure that the park will be successful," he said, adding that they are discussing the logistics of requesting proposals from interested parties.
Along with DPM Gan, the Singapore delegation included Coordinating Minister for National Security and Minister for Home Affairs K Shanmugam, Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for Digital Development and Information Josephine Teo, Minister for Manpower and Minister-in-charge of Energy, and Science and Technology Dr Tan See Leng, and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow.
The Indian delegation comprised of 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.
Six business leaders from Singapore and 10 from India also participated in the ISBR, where they provided proposals to facilitate business collaboration between the two nations amid the current volatile and uncertain global landscape.
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dana.leong@asiaone.com
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