Singapore – The second round of the India-Singapore Ministerial Roundtable (ISMR) is underway in Singapore today, underscoring a significant milestone in enhancing the strategic relationship between the two countries.
Leading the Singaporean delegation is Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong. The delegation also includes key figures such as Minister for Foreign Affairs Dr. Vivian Balakrishnan, Minister for Home Affairs and Law K. Shanmugam, Minister for Digital Development and Information and Second Minister for Home Affairs Josephine Teo, Minister for Manpower and Second Minister for Trade and Industry Dr. Tan See Leng, and Minister for Transport and Second Minister for Finance Chee Hong Tat.
Indian participants in the roundtable include Finance Minister Nirmala Sitharaman, Foreign Minister Dr. S. Jaishankar, and Minister for Railways Ashwini Vaishnaw. Together, they engaged in constructive discussions with the Singaporean delegation, led by Deputy Prime Minister Gan Kim Yong.
The discussions focused on expanding and strengthening the strategic partnership between India and Singapore across several key areas, including digitalization, skill development, sustainability, healthcare and medicine, advanced manufacturing, and connectivity.
Building on the achievements of the first ISMR, both nations reaffirmed their commitment to deepening economic ties and promoting mutual growth and prosperity.
Singapore has emerged as a key ally for India, notably as the top source of foreign direct investment (FDI) for the fiscal year 2023-24, with an impressive contribution of approximately USD 11.77 billion. During this period, Singapore also held the position of India's sixth-largest global trade partner. Bilateral trade between the two countries reached USD 35.61 billion, accounting for around 29% of India's total trade with the ASEAN (Association of Southeast Asian Nations) region.
In the realm of bilateral trade, Singapore secured its place as India's sixth-largest global trade partner in 2023-24. Total trade between the two nations amounted to USD 35.61 billion, representing about 29% of India's trade with ASEAN. India's exports to Singapore were valued at USD 14.41 billion, while imports totaled USD 21.2 billion, resulting in a trade deficit for India.
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