India, Singapore commit to boost cooperation in emerging, futuristic areas

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India and Singapore on Monday pledged to further enhance cooperation in the emerging and futuristic areas.

The Indian delegation led by Finance Minister Nirmala Sitharaman deliberated upon six pillars identified under the India-Singapore Ministerial Roundtable (ISMR). Deputy Prime Minister Gan Kim Yong led the delegation of Singapore during the second ISMR.

"During the meeting, the leaders emphasised on ways of further enhancing co-operation between India and Singapore in emerging and futuristic areas. Both sides deliberated upon six pillars identified under ISMR, which include Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, and Advanced Manufacturing and Connectivity," the finance ministry said in a post on X.

The leaders also discussed plans for commemorating the 60th Anniversary of diplomatic relations between India and Singapore, alongside regional and global cooperation, including Asean& G20 developments, it said.

The leaders noted that the discussions in the first round of ISMR have resulted in the successful conclusion of MoUs on healthcare, education & skill development, digital cooperation and semiconductor ecosystem cooperation, it said.

Along with Sitharaman, External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal and Railway Minister Ashwini Vaishnaw were present for the meeting.

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 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 (foreign direct investment) for India. In 2023-24, Singapore was the largest source of these inflows with $11.77 billion investments into Indian markets.

The cumulative inflow of FDI from Singapore from April 2000 to March 2024 was $159.94 billion.

In bilateral trade, Singapore was the sixth largest global trade partner of India in 2023-24 with a total trade of $35.61 billion, which accounts for approximately 29 per cent of India's total trade with Asean(Association for Southeast Asian Nations).

India's exports stood at $14.41 billion, while imports were $21.2 billion. The trade gap is in the favour of Singapore.