India Singapore Ministerial Roundtable: Commerce Minister to bolster bilateral trade

New Delhi, Aug 25
Union Commerce Minister Piyush Goyal would explore strategies to bolster bilateral trade and investment during the second India Singapore Ministerial Roundtable (ISMR), that is scheduled to be held in Singapore on Monday.

On Sunday, the minister will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum, the Commerce Ministry said in a statement.

Minister Goyal would 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.

“The second meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues to further elevate and broaden it,” said the ministry.

Singapore has been a major source of FDI for India. In the year 2023-24, the country 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 sixth largest global trade partner of India in 2023-24 with a total trade of $35.61 billion which accounts approximately 29 per cent of India’s total trade with ASEAN.

Apart from Goyal, External Affairs Minister (EAM) S. Jaishankar, Finance Minister Nirmala Sitharaman and Railways Minister Ashwini Vaishnaw will also participate in the ISMR. They will interact with their counterparts and will also call on Singaporean leadership.

After the first meeting, a FinTech Cooperation Agreement was signed between the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) in Gujarat.