Union Minister of Commerce & Industry, Piyush Goyal, on Sunday inaugurated Invest India’s new office in Singapore.
It is to be highlighted that the Singapore Office is Invest India’s first overseas office.
This significant move reinforces India’s commitment to deepening investment partnerships and making it easier for global investors to engage with India, Ministry of Commerce & Industry said.
The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors, it added.
The development comes after Prime Minister Narendra Modi announced setting up of an Invest India office in Singapore during his visit to the country on September 4th and 5th, 2024.
Speaking at the event, Minister Goyal emphasised, “Singapore is a key strategic partner for India, and this office marks a new chapter in our efforts to strengthen economic cooperation with Singapore and the broader ASEAN region.”
“We plan to open more overseas Invest India offices in the coming months with an aim to provide global investors seamless access to India’s dynamic and growing economy,” he added.
During his visit to SIngapore, PM Modi interacted with top business leaders and CEOs in Singapore, emphasising the economic reforms and policy initiatives aimed at enhancing India’s business landscape.
The discussions centred on fostering innovation across diverse sectors, exploring new avenues for collaboration and growth.
Singapore is India’s largest trade partner in ASEAN. It is also a leading source of Foreign Direct Investment (FDI) in the last financial year with an investment of $11.77 billion in 2023 alone.
Singapore is also India’s sixth largest trade partner worldwide.