Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, External Affairs Minister S Jaishankar, and Railways, Electronics, and Information and Broadcasting Minister Ashwini Vaishnaw will attend a key meeting today aimed at strengthening bilateral ties between India and Singapore.
The second India-Singapore Ministerial Roundtable (ISMR) is planned to take place in Singapore. The conference will allow both parties to assess all elements of their strategic cooperation and seek new opportunities to elevate and widen it, according to an official statement issued on Sunday.
ISMR is a framework created to generate a new agenda for India-Singapore bilateral ties. Its debut meeting took place in New Delhi in September 2022.
During their visit, the ministers will meet with their Singaporean peers and leaders. On Sunday, Goyal met with top global business leaders in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum, to discuss ways for increasing bilateral trade and investment.
"I wrapped off a very good day in Singapore today, with meetings and talks with CEOs of large global investment firms managing over $500 billion in assets. Goyal stated on X that India has been positioned as a desirable investment destination, and he has asked these corporations to be a part of our development path."
Singapore has been a significant source of foreign direct investment (FDI) in India. Singapore was India's top source of FDI in FY24, bringing in an estimated $11.77 billion. Between April 2000 and March 2024, Singapore's FDI influx totaled around $159.94 billion.
In FY24, Singapore was India's sixth-largest worldwide trading partner, accounting for $35.61 billion in total commerce. This represents around 29% of India's overall commerce with the ten Association of Southeast Asian Nations (ASEAN).
