Sunday, 13 Oct, 2024
By: Anshul Vipat
India and Singapore took their diplomatic relations a step further with the maiden India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation.
India and Singapore took their diplomatic relations a step further with the maiden India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation. The Indian side was represented by external affairs minister S Jaishankar, finance minister Nirmala Sitharaman, and commerce and industry minister Piyush Goyal, while the Singapore delegation was led by its Deputy Prime Minister, finance minister Lawrence Wong, foreign Min Vivian Balakrishnan and Minister for Trade and Industry Gan Kim Yong.
The ISMR seeks to deepen existing cooperation and identify opportunities for mutually-beneficial collaboration in new and emerging areas. The two countries also discussed fintech, investment opportunities and regulatory cooperation among others. Both the countries believe that ISMR's structured approach will help to deepen the existing levels of cooperation and identify opportunities for mutually beneficial collaboration in new and emerging areas
India and Singapore enjoy strong and friendly relations with extensive cooperation in cultural and commercial activities. Singapore is home to more than 5 lakh people of Indian origin. As a part of Look East policy, India expanded its economic, cultural and strategic ties. In the last two decades, the city state has positioned itself as New Delhi's major economic, political and strategic partner. This is evident from the growing bilateral trade. In 2015, the bilateral trade between India and Singapore was US $12 Billion. It grew substantially to hit US $25 billion mark by 2019. As of 2022, India's export to Singapore stood at US $11 billion, while imports totaled US $18 billion.
India is Singapore's 12th largest trade partner with a share of 2.3 percent in Singapore’s overall trade. Singapore is India’s 6th largest trade partner with a share of 2.9% of India’s overall trade.
Similarly, Singapore's investments in India has recorded an eight-fold increase since the past decade - from US $2.4 billion in 2009-10 to US $17.42 billion in 2020-21. Since 2000, Singapore has invested a whopping US $130 billion, which is 22 percent of total FDI inflows in India.
For India, Singapore has played an important role in reconnecting us to the countries of South East Asia since the inception of our Look East Policy in the early 1990s. Singapore also holds an important place in India's outreach to ASEAN countries that accounts for almost 45 percent of India's foreign trade. A growing dynamic relationship between India and Singapore is vital if New Delhi wishes to place itself as an important part of the emerging economic and security architecture in South East.
