On Monday, four high-ranking Indian ministers will attend the second India-Singapore Ministerial Roundtable, an event that aims to fortify bilateral relations between the two countries. Ministers Ashwini Vaishnaw (Electronics and IT), Piyush Goyal (Commerce and Industry), S. Jaishankar (External Affairs), and Nirmala Sitharaman (Finance) will meet with their Singaporean counterparts and senior leadership for high-level discussions.
Given that Singapore received around $11.77 billion in FDI for India’s fiscal year 2023-24, making it the top source of FDI inflows, the timing of the roundtable is noteworthy. From April 2000 to March 2024, a total of approximately $159.94 billion has been invested in India by Singapore.
With a global ranking of 6th in FY 2023-24, Singapore is also an important trading partner for India. The total value of commerce between the two countries was $35.61 billion, or 29% of India’s trade with the ASEAN area.
Minister Piyush Goyal will meet with important Singaporean business executives before the roundtable to discuss potential new partnerships and strengthen economic relations. These leaders include representatives from DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum.
