India, Singapore Discuss Economic Cooperation In Ministerial-Level Roundtable

India and Singapore have a close bilateral relationship based on the convergence of economic and political interests. The economic reforms in India since the early 1990s created a strong basis for cooperation with Singapore, opening up possibilities for a significant presence in each other’s economies.

By Shivam Shandilya
Sat, 17 Sep 2022 04:03 PM IST
Minute Read
India, Singapore Discuss Economic Cooperation In Ministerial-Level Roundtable
India-Singapore Ministerial Roundtable conference (Image@DrSJaishankar)

Union Finance Minister Nirmala Sitharaman on Saturday participated in the India-Singapore Ministerial Roundtable conference along with External Affairs Minister S. Jaishankar and Commerce Minister Piyush Goyal with a visiting delegation from the island nation led by its Deputy Prime Minister and Finance Minister, Lawrence Wong.

India is hosting the maiden India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation.

During the meeting, the Ministers focused on ways to strengthen bilateral cooperation in emerging and futuristic areas.The two sides deliberated upon a wide range of issues, which inter alia included financial sector operations, fintech, regulatory cooperation, investment opportunities, and current economic arrangements. Singapore's Foreign Affairs Minister Vivian Bala, Trade and Industry Minister Gan Kim Yong, and Transport Minister S. Iswaran also participated in the deliberations.

Singaporean Deputy Prime Minister Lawrence Wong is on India’s visit from September 17 to 21, in his first official visit to India after holding office.

The India-Singapore Ministerial Roundtable (ISMR) is a new ministerial platform between Singapore and India that seeks to deepen existing cooperation and identify opportunities for mutually-beneficial collaboration in new and emerging areas. Deputy Prime Minister Wong will also meet senior Indian leaders and personalities.

Deputy Prime Minister Wong will travel to Gujarat on September 18, 2022, where he will meet Gujarat Chief Minister Bhupendrabhai Patel and visit Gujarat International Finance City. Deputy Prime Minister Wong will be accompanied by officials from the Ministry of Foreign Affairs and Ministry of Finance.

India and Singapore have a close bilateral relationship based on the convergence of economic and political interests. The economic reforms in India since the early 1990s created a strong basis for cooperation with Singapore, opening up possibilities for a significant presence in each other’s economies.

For India, Singapore has played an important role in reconnecting us to the countries of Southeast Asia since the inception of our Look East Policy in the early 1990s. As pluralistic societies, the two countries share a similar concern about the challenges posed by terrorism and fundamentalism. Therefore, they have found it mutually beneficial to evolve a broad framework of security cooperation. 

 

(With Inputs From Agencies)

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