India, Singapore to "strengthen strategic partnership" at third ministerial roundtable marking "60 years of diplomatic relations"
The ISMR began with its inaugural meeting in New Delhi on September 17, 2022, and held its second session in Singapore on August 26, 2024. Since then, it has evolved with a refreshed agenda and expanded involvement from key persons on both sides. This progression highlights the growing importance both countries place on this regular institutionalised forum.
Good progress has been made across six key areas of collaboration under ISMR: sustainability, digitalisation, skills development, healthcare and medicine, advanced manufacturing, and connectivity. The upcoming third ISMR will build on this foundation, aiming to review bilateral collaboration progress since the last meeting and explore opportunities to deepen cooperation across these pillars.
The roundtable will see strong representation from both nations. Singapore will be represented by Deputy Prime Minister and Minister for Trade & Industry Gan Kim Yong; Coordinating Minister for National Security and Minister for Home Affairs K Shanmugam; Minister for Foreign Affairs Vivian Balakrishnan; Minister for Digital Development and Information Josephine Teo; Minister for Manpower and Minister in charge of Energy, Science and Technology Tan See Leng; and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow. India's delegation will include Minister of Finance and Corporate Affairs Nirmala Sitharaman; Minister of External Affairs S Jaishankar; Minister of Commerce and Industry Piyush Goyal; and Minister of Electronics and Information Technology, Railways, and Information and Broadcasting Ashwini Vaishnaw.
This third ISMR continues the momentum of high-level visits and exchanges between India and Singapore, marking the 60th anniversary of diplomatic relations in 2025. The milestone signals the significance both countries place on their bilateral relations and joint commitment to growing collaboration for mutual benefit.
Singapore-India relations have grown deep and broad-based over six decades. The year 2025 also marks the 10th anniversary of the Strategic Partnership between the two nations. Earlier this year, Singapore President Tharman Shanmugaratnam made a State Visit to India, meeting key Indian leaders including President Droupadi Murmu and Prime Minister Narendra Modi. In turn, Prime Minister Modi made an Official Visit to Singapore in September 2024, engaging with Singapore's President and Prime Minister as well as other leaders.
During PM Modi's Official Visit, the two countries agreed to elevate their relations to a Comprehensive Strategic Partnership, further reflecting their expanding ties.
The economic partnership between Singapore and India is a pillar of their relations, anchored by the Comprehensive Economic Cooperation Agreement (CECA) signed in 2005. Bilateral trade has grown substantially, increasing approximately 2.5 times from S$20 billion in 2005 to S$52.2 billion in 2023.
Singapore has emerged as India's top foreign investor, accounting for around 24% of India's foreign direct investment equity inflows since 2000. Likewise, Indian investments in Singapore have grown impressively, rising from S$481 million in 2004 to approximately S$31.6 billion in 2023.
Singapore companies are actively engaged in India's growing sectors such as manufacturing, sustainability, data centres, and technology innovation. Moreover, Singapore serves as the regional headquarters for many Indian start-ups, particularly in fintech and healthtech, demonstrating a thriving cross-border entrepreneurial ecosystem.
In sustainability, both countries collaborate on next-generation industrial parks designed to promote economic growth alongside sustainable, low-carbon development. This effort includes a jointly developed Framework for "Net Zero Industrial Parks" with the Tamil Nadu government, launched in June 2025.
The digitalisation pillar has also witnessed significant developments. In February 2023, the Monetary Authority of Singapore and the Reserve Bank of India launched a real-time payments linkage between Singapore's PayNow and India's Unified Payments Interface (UPI), enabling instant fund transfers across participating banks and e-wallets.
Capital market cooperation advanced through the NSE-SGX GIFT Connect, a derivatives trading linkage established in Gujarat International Finance Tec-City, marking the first such partnership between Singapore and India. Building on this, both countries are keen to explore collaboration in cross-border data flows via a pilot data corridor in GIFT City.
Cybersecurity collaboration has strengthened as well. The first India-Singapore Cyber Policy Dialogue took place in October 2024 during Singapore International Cyber Week, where respective Cyber Security Agencies exchanged views on national strategies and cooperation frameworks.
Skills development remains a key priority. Singapore's Institute of Technical Education Services (ITEES) has established five skills centres in India and is expanding partnerships with the Odisha and Assam governments to enhance training in semiconductors, aerospace, AI, and capacity-building programmes like train-the-trainer initiatives.
To further this effort, a Joint Flagship Programme for Skills Training is being set up, focusing on sectors of strategic interest to both countries with close private sector collaboration to ensure relevance to industry needs.
In advanced manufacturing, cooperation continues to grow, particularly in semiconductor manufacturing. The India-Singapore Semiconductor Ecosystem Partnership MOU, signed during Prime Minister Modi's visit in September 2024, promotes government-led exchanges on ecosystem development, supply chain resilience, and workforce growth. This partnership supports India's expanding semiconductor sector and Singapore ecosystem players' participation in the Indian market.
Connectivity forms another vital pillar. Singapore's PSA has been operating four maritime terminals in India for over 25 years, and Singapore Airlines owns a 25.1% stake in Air India. SIA Engineering plans to collaborate with Air India to develop maintenance, repair, and overhaul facilities to support the growing Air India fleet.
Both countries are also working towards establishing a Green and Digital Shipping Corridor to facilitate sustainable shipping and promote green fuel trade.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
15 minutes ago
- Times of Oman
After energy, India now eyes self-reliance in fertilisers, reducing import dependence
New Delhi : Similar to the country's resolve for energy independence, Prime Minister Narendra Modi emphasised the need for India to achieve self-reliance in the fertilisers sector, while addressing the nation from the ramparts of the Red Fort this Independence Day. The Prime Minister observed that, at present, India remains dependent on imports for a significant portion of its fertiliser requirements. He urged the farming community to adopt judicious and scientific use of fertilisers to protect the health of the soil, cautioning against indiscriminate usage that causes long-term damage to "Mother Earth". Calling upon the youth, the industrial sector, and the private sector, the Prime Minister exhorted the nation to unite in efforts to build ample domestic reserves of fertilisers. He encouraged the discovery and development of innovative methods to meet the country's requirements through indigenous production. "Just like we are dependent on the world for energy, it is the misfortune of the country that we have to depend on the world for fertilisers as well. The farmers of my country can also serve Mother Earth by using fertilisers properly. We are causing a lot of harm to Mother Earth by using it indiscriminately. But at the same time, I want to tell the youth of the country, the industry of the country, the private sector of the country, let us fill the reserves of fertilizers, let us find new ways and prepare our own fertilisers as per the requirement of India, let us not depend on others," PM Modi said from the Red Fort. "The Government has reaffirmed its commitment to work in close coordination with industry stakeholders, research institutions, and state governments to bolster domestic capacity, promote sustainable farming practices, and reduce import dependency," the Ministry of Chemicals and Fertilizers said in a statement. Over the last decade, India's fertiliser industry has seen steady growth. The total fertiliser production has increased from 385.39 Lakh Metric Tonnes (LMT) in 2014-15 to 503.35LMT in 2023-24. Over the past six years, six new urea plants have become operational across the country. India's total annual consumption of fertiliser in 2023-24 was around 601 LMT. About 503 LMT was produced domestically in India, while 177 LMT came through imports.
Times of Oman
16 minutes ago
- Times of Oman
India's electronics export surged 47% in Q1 2025-26: Piyush Goyal
New Delhi: India's electronics exports surged over 47 per cent year-on-year in Quarter 1 of 2025-26 over the same quarter in 2024-25, Union Commerce and Industry Minister Piyush Goyal said in a post on X. The exports during the quarter were to the tune of $12.4 billion. "Our electronics exports have seen a surge of over 47% in Q1 of 2025-26 over the same quarter in 2024-25. It is a sweet success story for 'Make In India', which has led to an exponential growth in our electronics production from $31 Bn to $133 Bn in a decade beginning 2014-15," the minister wrote on X. The government has created several enablers for making India Aatmanirbhar in manufacturing. As a result, India has moved from having 2 mobile manufacturing units in 2014 to over 300 today, he said. "One of the greatest journeys has been our transformation from a mobile importer to becoming the world's second-largest mobile phone manufacturer. The electronics sector has also generated large-scale employment opportunities with solar modules, networking devices, charger adapters, and electronic parts, also playing a key role in strengthening our exports," the X post read. Exports of electronics goods jumped from Rs 38,000 crore in 2014-15 to Rs 3.27 lakh crore in 2024-25, an 8-fold increase, the post said. For instance, in 2014-15, only 26 per cent of the mobile phones being sold in India were made in India; the rest were being imported. It is worth mentioning that today, 99.2 per cent of all mobile phones which are sold in India are made in India. The manufacturing value of mobile phones has surged from Rs 18,900 crore in FY14 to a staggering Rs 4,22,000 crore in FY24, Goyal said.
Times of Oman
16 minutes ago
- Times of Oman
India's tourism sector set to cross $59 billion by 2028: Capitalmind PMS
New Delhi: India's tourism sector is witnessing a rapid growth surge, with projections indicating the industry will generate over Rs 5,12,356 crore ($59 billion) by 2028, according to a new report released by Capitalmind PMS. The report cites rising disposable incomes, enhanced connectivity, and infrastructure improvements as key growth enablers. Domestic tourism is expected to double from 2.5 billion visits in 2024 to 5.2 billion by 2030, growing at a CAGR of 13.4 per cent. However, the report highlighted that India's tourism and hospitality sector, while a key GDP driver, still trails global peers--2 per cent below the US and 4 per cent below Thailand in contribution to GDP. As per the report, domestic visitor spending is projected to reach Rs 33.95 trillion by 2034, up from Rs 14.64 trillion in 2023, reflecting a CAGR of 7.9 per cent, per the WTTC's Economic Impact Research 2024. Domestic air passenger traffic is also set to more than double from 307 million in FY24 to 693 million by FY30, the report added. In 2023, Domestic Tourist Visits (DTVs) increased by 44.98 per cent year-on-year to 2.5 billion. Uttar Pradesh led with 478.53 million visits, followed by Tamil Nadu at 286.01 million. Maharashtra and Gujarat saw the highest number of Foreign Tourist Arrivals (FTAs), at 3.39 million and 2.81 million, respectively. Total FTAs reached 18.89 million in 2023, a 5.47 per cent increase over the pre-pandemic peak in 2019. Key source markets included South Asia (29.02 per cent), North America (21.82 per cent), and Western Europe (20.40 per cent). The hospitality sector in India currently has 3.4 million hotel keys, of which only 11 per cent fall under the organized sector. Luxury hotels account for 17 per cent of branded properties, highlighting a significant demand-supply gap in premium offerings. Average occupancy in the luxury segment stands at 60-70 per cent, with Total Revenue per Available Room (TRevPAR) 117 per cent higher than upscale and 298 per cent higher than midscale categories. India's aviation market has expanded significantly, with 148 operational airports in 2024, aiming for 220 by 2027. Scheduled flights reached 1.3 million in 2024, a 77.7 per cent increase over the past decade. Weddings, MICE events, and luxury F&B have emerged as strong revenue streams. In late 2023, 3.8 million weddings generated INR 4.74 lakh crore. India sees around 10 million weddings annually, making it the second-largest wedding industry globally. Corporate travel is also driving demand, with gross office leasing reaching a record 89 million square feet in 2024. The growth of Global Capability Centers has contributed significantly to this trend, the report added.
