Singapore: During his two-day visit to Singapore, Prime Minister Narendra Modi and Singaporean Premier Lawrence Wong announced the elevation of bilateral relations to a “comprehensive strategic partnership.” The announcement was accompanied by the signing of four significant memorandums of understanding (MoUs), including one focused on cooperation in the semiconductor industry.
PM Modi, who arrived from Brunei, praised Singapore as a model for developing nations and expressed India’s ambition to replicate Singapore’s success. He emphasized the desire to create “several Singapores” in India, reflecting the strong bilateral ties and collaborative goals between the two nations.
The agreements signed during the visit cover a range of sectors, including technology, healthcare, and advanced manufacturing. Singaporean companies have committed to invest approximately USD 60 billion (over ₹ 5 lakh crore) in India over the coming years. This investment is expected to bolster economic linkages and promote mutual growth.
At a roundtable with leading business figures and CEOs in Singapore, PM Modi discussed opportunities for investment in sectors such as aviation, energy, and skill development. The discussions highlighted ongoing reforms in India aimed at fostering innovation and attracting foreign investment.
PM Modi noted that Singapore’s investment in India will focus on key areas such as skilling, digitalization, mobility, and artificial intelligence. The strategic partnership, which marks its 10th anniversary, has seen substantial growth in trade and investment, with bilateral trade doubling and mutual investment nearly tripling to exceed USD 150 billion.
The Prime Minister also announced the establishment of an Invest India office in Singapore. This office will facilitate investment and provide support for businesses looking to explore opportunities in India.
The MoUs signed include agreements on semiconductors, digital technologies, skill development, and healthcare. These agreements are the result of discussions held during the recent India-Singapore Ministerial Roundtables.
Both leaders reviewed existing cooperation in various domains such as defense, maritime domain awareness, education, and fintech. They also addressed regional and global issues, reaffirming their commitment to peace and stability in the Indo-Pacific region.
The joint statement issued by both countries emphasized their dedication to maintaining peace and security in the South China Sea, highlighting the importance of free trade and open markets.
PM Modi also shared plans for the upcoming inauguration of the Thiruvalluvar Cultural Centre in Singapore. He praised the contributions of the Tamil saint Thiruvalluvar and his work, which remains relevant today.
The meeting also focused on preparations for celebrating the 60th anniversary of diplomatic relations between India and Singapore in 2025. PM Modi extended an invitation to Premier Wong to visit India, which Wong accepted.
In a ceremonial welcome at the Parliament House, PM Modi expressed his appreciation for the warm reception and congratulated Premier Wong on his leadership. The visit, marking Modi’s fifth trip to Singapore, underscores the enduring and deepening friendship between the two nations.
Following the meetings, both leaders visited a leading Singaporean company in the semiconductor and electronics sector to discuss further collaboration. This visit highlights the ongoing commitment to strengthening ties and exploring new opportunities in critical industries.