ENA Global 2024-09-06 13:58:34 <p><span style="font-size:14px"><strong>New Delhi, Sep 6 (KNN)</strong> India and Singapore have elevated their bilateral relationship to a comprehensive strategic partnership, marked by the signing of several key agreements, including a significant pact in the semiconductor sector.</span></p> <p><span style="font-size:14px">The announcement came during Indian Prime Minister Narendra Modi's two-day visit to Singapore, ahead of the 60th anniversary of diplomatic relations between the two nations next year.</span></p> <p><span style="font-size:14px">During the visit, Prime Minister Modi and his Singaporean counterpart, Lawrence Wong, oversaw the exchange of memoranda of understanding (MoUs) in various fields, including semiconductors, digital cooperation, education, skill development, health, and medicine.</span></p> <p><span style="font-size:14px">The tech partnership, with a focus on semiconductors, has been added as a new pillar for bilateral cooperation.</span></p> <p><span style="font-size:14px">The two leaders visited AEM Holdings Ltd's semiconductor facility and were briefed by the Singapore Semiconductor Industry Association.</span></p> <p><span style="font-size:14px">Singapore, known for its production of low-end chips crucial for electric vehicles and smartphones, sees its semiconductor industry contributing approximately 7-8 per cent to its GDP and about 10 per cent to global semiconductor output.</span></p> <p><span style="font-size:14px">India, on the other hand, aims to establish itself as a global node for semiconductor manufacturing, leveraging its strong domestic demand in electronics, electric vehicles, and manufacturing sectors.</span></p> <p><span style="font-size:14px">The partnership is expected to benefit both nations, with Singapore's established ecosystem players keen to enter emerging markets like India.</span></p> <p><span style="font-size:14px">In addition to the semiconductor pact, the two countries signed an agreement on digital cooperation, which includes sharing principles and mechanisms for data protection governance frameworks and implementation rules.</span></p> <p><span style="font-size:14px">The agreement also focuses on enhancing cooperation between the cyber security agencies of both nations.</span></p> <p><span style="font-size:14px">The leaders outlined six pillars of cooperation: Sustainability, Digitalisation, Skill Development, Healthcare &amp; Medicine, Advanced Manufacturing, and Connectivity.</span></p> <p><span style="font-size:14px">They emphasised the potential for increased cooperation in areas such as Green Hydrogen and Green Ammonia, and agreed to explore collaboration in critical and emerging technologies.</span></p> <p><span style="font-size:14px">Both prime ministers called for an early conclusion to the ongoing third review of the Comprehensive Economic Cooperation Agreement (CECA), originally signed in 2005.</span></p> <p><span style="font-size:14px">Singapore currently stands as India's sixth-largest trading partner, with bilateral trade valued at USD 35.3 billion.</span></p> <p><span style="font-size:14px">During his visit, Prime Minister Modi also met with top business leaders from Singapore, including CEOs from prominent companies such as Blackstone Singapore, Temasek Holdings, and Singapore Airways.</span></p> <p><span style="font-size:14px">This visit and the resulting agreements underscore the strengthening ties between India and Singapore, particularly in high-tech sectors and strategic cooperation.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39181 https://knnindia.co.in/news/newsdetails/global/pms-singapore-visit-secures-key-agreements-in-semiconductors-digital-cooperation 2024-09-06 13:58:34 knnindia.co.in