2nd India, Singapore Ministerial To Focus On Strategic Sectors: Digitization, Green Economy & Defence

New Delhi, May 29 (KNN) India and Singapore are working towards finalising a set of ambitious agreements aimed at strengthening cooperation across several strategic areas, according to diplomatic sources.

The agreements, which are expected to be concluded by September or October, will cover priority domains such as green economy, digitalisation, energy, food security, healthcare, and skill development.

The move comes as both nations seek to elevate their long-standing strategic partnership to new heights.

A comprehensive review of bilateral ties is anticipated during the upcoming meeting of the India-Singapore Ministerial Roundtable (ISMR), a mechanism established to take the relationship to a higher level.

The inaugural ISMR meeting, held in New Delhi on September 17, 2022, identified key focus areas for deepening collaboration, including digital connectivity, fintech, green economy, green hydrogen, skill development, and food productivity.

Sources indicate a shared intent to expedite the finalisation of these agreements within the first 100 days of the formation of a new government in India.

Singapore has been a crucial trading partner for India, accounting for approximately 23 per cent of India's foreign direct investment (FDI) equity inflows since the year 2000.

As India and Singapore prepare to celebrate 60 years of diplomatic relations in 2024, this milestone could serve as an opportunity to unveil new measures to further cement their ties.

Singapore, a key member of the Association of Southeast Asian Nations (ASEAN), is regarded by India as a strategic partner in the Southeast Asian region, particularly in light of China's efforts to expand its economic and military influence in the Indo-Pacific.

Cooperation in areas such as digitalisation, clean energy, green economy, food security, skill development, and maritime defence is expected to be a focal point during the second ISMR meeting, slated to take place in Singapore.

The two nations have witnessed a significant upswing in economic ties in recent years, including the launch of a link between India's Unified Payments Interface (UPI) and Singapore's PayNow in February 2022, facilitating cheaper, faster, and safer cross-border retail payments and remittances.

Singapore remains India's largest trade partner in ASEAN and a leading source of FDI, external commercial borrowings, and foreign portfolio investment.

Additionally, more than 80 per cent of offshore bonds issued by Indian entities are listed on the Singapore Stock Exchange (SGX).

(KNN Bureau)