Commerce and Industry Minister, Piyush Goyal, held discussions with key business leaders in Singapore on Sunday to explore opportunities for expanding economic collaboration between the two nations. The talks centered on increasing trade and investment in sectors such as small and medium enterprises (SMEs), sustainable development, and family-owned businesses.
These meetings were part of the 2nd India-Singapore Ministerial Roundtable (ISMR), scheduled for August 26. Goyal’s visit is aimed at strengthening economic ties and fostering collaboration across various sectors to drive mutual growth and innovation.
Representatives from major organizations, including Temasek Holdings, DBS Bank, OMERS, Keppel Infrastructure, and TVS Motor Company, participated in the discussions. They focused on enhancing investment opportunities in India, capitalizing on the country’s economic growth, improving the investment climate, and supporting sustainable development initiatives such as decarbonization.
Goyal also visited the Institute of Technical Education (ITE) Headquarters and ITE College Central in Singapore to explore potential partnerships in developing advanced learning environments. These initiatives are designed to provide young talent with skills tailored to meet the evolving needs of various industries. The visit included a tour of facilities like the Aerospace and Smart Manufacturing Hubs, emphasizing the importance of skill development and continuing education.
Singapore has been a significant source of Foreign Direct Investment (FDI) for India, contributing an estimated $11.77 billion in inflows during the 2023-24 fiscal year. It was also India’s sixth-largest global trade partner in the same period, with total trade between the two countries amounting to $35.61 billion.