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Indian Prime Minister Narendra Modi’s visit to Singapore marked a significant milestone in strengthening India-Singapore ties, with key agreements on semiconductors, digital technologies, healthcare, and skill development paving the way for enhanced collaboration in these critical sectors.
Prime Minister Modi and Singapore’s Prime Minister H.E. Mr. Lawrence Wong highlighted the importance of deepening bilateral ties in technology, digital innovation, and economic cooperation. They agreed to elevate their partnership to a Comprehensive Strategic Partnership, reinforcing India’s “Act East” policy and opening new opportunities for collaboration in key sectors.
Discussions focused on emerging technologies, with both leaders highlighting the transformative potential of collaboration. They reviewed the outcomes of the August 2024 India-Singapore Ministerial Roundtable, which emphasised cooperation in AI, semiconductors, fintech, and digital healthcare.
Economic relations were central to the talks, with Singapore’s USD 160 billion investment in India highlighted. Prime Minister Modi noted that India’s rapid growth presents significant opportunities for further collaboration.
The leaders highlighted the importance of expanding trade and investment to drive economic growth, with Singaporean entities well-positioned to capitalise on opportunities in technology, infrastructure, and digitalisation.
During the visit, Prime Minister Modi also toured a leading Singaporean semiconductor and electronics company. This visit underscored the growing importance of semiconductors in the global value chain and the opportunities for collaboration between Indian and Singaporean companies in this critical sector.
Singapore’s Semiconductor Industry Association presented an overview of Singapore’s semiconductor ecosystem and its potential for synergy with India’s emerging semiconductor initiatives. Prime Minister Modi invited Singaporean companies to participate in SEMICON INDIA, an upcoming event in Greater Noida, to further explore collaboration opportunities.
Both Prime Ministers agreed to prioritise advanced manufacturing, especially in semiconductors, as a key area of cooperation. The signing of an MoU on the India-Singapore Semiconductor Ecosystem Partnership solidified their commitment to enhancing collaboration in semiconductor research, development, and manufacturing.
The leaders also discussed cooperation in defence, maritime security, and education, reviewing partnerships and exploring new opportunities for knowledge-sharing and skill development. Prime Minister Modi encouraged enhancing connectivity to boost economic and people-to-people ties between India and Singapore.
This commitment to cultural and social connections was further reinforced with the announcement of India’s first Thiruvalluvar Cultural Centre, set to be established in Singapore, which will promote cultural exchange and celebrate the long-standing historical ties between the two countries.
The leaders also discussed the broader economic and strategic context of their cooperation. They touched upon regional and global issues, including India-ASEAN relations and India’s vision for the Indo-Pacific, areas where both countries share a common interest. In particular, they stressed the need for accelerating green corridor projects and advancing sustainability initiatives as part of their broader strategy to address environmental challenges and promote sustainable growth.
Prime Minister Modi’s interaction with Singaporean business leaders from various sectors, including infrastructure, energy, manufacturing, and logistics, highlighted the immense potential for expanding bilateral cooperation.
During a business roundtable, Modi called on Singaporean companies to explore investment opportunities in India, particularly in the fields of skill development, advanced manufacturing, and infrastructure. He also announced the establishment of an INVEST INDIA office in Singapore, aimed at facilitating deeper collaboration between businesses in both countries.
The meetings between Prime Minister Modi and Prime Minister Wong have set the stage for a stronger, more future-oriented partnership between India and Singapore. By focusing on key areas like technology, digitalisation, and advanced manufacturing, the two countries are positioning themselves to lead in the evolving global landscape.
The commitment to expanding cooperation in emerging technologies, along with a shared vision for regional stability and sustainability, promises a robust and dynamic partnership that will drive mutual growth and innovation for years to come.
