Union Minister for Commerce & Industry, Piyush Goyal is participating in the 2nd India Singapore Ministerial Roundtable (ISMR) today along with Minister for Finance & Corporate Affairs, Nirmala Sitharaman, Minister for External Affairs, Dr. Subrahmanyam Jaishankar and Minister for Railways, Information and Broadcasting, and Electronics and Information Technology, Ashwini Vaishnaw. During their visit, the Ministers will interact with their Singaporean counterparts and leadership.
The ministers will also interact with DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum. The Minister will explore strategies to bolster bilateral trade and investment, capitalising on India’s burgeoning market opportunities and its dynamic growth trajectory.
ISMR is a unique mechanism established to set a new agenda for India–Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022. This 2nd meeting will enable both sides to review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it.
Singapore has been a major source of FDI for India. In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated $11.77 billion in inflows. The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around $159.94 billion. In bilateral trade, Singapore was the 6th largest global trade partner of India in 2023-24 with a total trade of $35.61 billion which accounts approximately 29% of India’s total trade with ASEAN.
