FM Sitharaman, Goyal and others to attend India-Singapore meet on Monday
Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, External Affairs Minister S Jaishankar and Minister of Railways, Electronics and Information and Broadcasting Ashwini Vaishnaw will attend an important meeting on Monday aimed at strengthening bilateral ties between India and Singapore.
The second India-Singapore Ministerial Roundtable (ISMR) is scheduled to be held in Singapore. The meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues to further enhance and broaden it, an official statement said on Sunday.
ISMR is a mechanism set up to set a new agenda for bilateral relations between India and Singapore. The first meeting was held in New Delhi in September 2022.
During their visit, the ministers will interact with their Singaporean counterparts and leaders. On Sunday, Goyal met leading international business leaders in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure and the Owners Forum to explore strategies to enhance bilateral trade and investment.
“Concluded a very fruitful day in Singapore today, with interactions and discussions with leaders of large global investment firms with over $500 billion of assets under management. Positioned India as an attractive investment destination and invited these multinationals to be part of our development journey,” Goyal said at X.
Singapore is a major source of foreign direct investment (FDI) for India. In FY24, Singapore was the largest source of FDI for India, with an estimated inflow of $11.77 billion. The cumulative FDI inflow from Singapore between April 2000 and March 2024 is approximately $159.94 billion.
Singapore was India’s sixth-largest global trading partner in FY24, with total trade of $35.61 billion. This accounts for about 29 per cent of India’s total trade with the 10 Association of Southeast Asian Nations (ASEAN).
First publication: Aug 25, 2024 | 8:54 PM IST