Singapore will strongly support India’s G20 priorities in the current uncertain global landscape against the backdrop of the strained multilateral system, Trade and Industry Minister Gan Kim Yong said at the 74th Republic Day reception hosted by the Indian High Commissioner in Singapore on Wednesday.
“We are confident that under its G20 leadership, India will put forth an agenda that is inclusive, ambitious, action-oriented and decisive. Singapore will lend our strong support to India’s G20 priorities,” he said.
India assumed the Presidency of the G20 or Group of 20 for one year from December 1, 2022, to 30 November 2023. The theme of India’s presidency is “One Earth, One Family, One Future” which shows its commitment to Vasudhaiva Kutumbakam (the world is one family).
“The theme of One Earth, One Future calls on all of us to work together on common challenges,” said Gan.
He further elaborated on the close ties between India and Singapore and their collaboration in many traditional areas such as defence, trade and culture, noting that economic cooperation between the two countries has grown from strength to strength.
Singapore is the largest foreign investor in India, and Singapore companies’ investment has increased from $1.3 billion in 2005 to $6 billion in 2020, a 50-fold increase over just 15 years. There are more than 400 Singapore companies operating in India. Indian companies make up the largest foreign contingent in Singapore, totalling over 8,000. On the regional front, Gan called for India and ASEAN to work together for the prosperity of Southeast Asian countries.