The second India Singapore Ministerial Roundtable (ISMR) is scheduled to be held on August 26 in Singapore witnessing participation from key dignitaries, the Commerce & Industry Ministry said.
At the roundtable, Union Commerce & Industry Minister Piyush Goyal will participate along with Finance Minister Nirmala Sitharaman, External Affairs Minister Dr S Jaishankar and Railway Minister Ashwini Vaishnaw.
During their visit, the Ministers will interact with their Singaporean counterparts and leadership.
This meeting will enable both sides to review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it.
Goyal will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum.
The Minister will explore strategies to bolster bilateral trade and investment, capitalising on India’s burgeoning market opportunities and its dynamic growth trajectory.
Notably, Singapore has been a major source of FDI for India. In 2023-24, being the largest source of foreign direct investment (FDI) for India, with an estimated USD 11.77 billion in inflows.
The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around USD 159.94 billion.
In bilateral trade, Singapore was the 6th largest global trade partner of India in 2023-24 with a total trade of USD 35.61 billion which accounts approximately 29 per cent of India’s total trade with ASEAN.
ISMR is a unique mechanism established to set a new agenda for India–Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022.