• Source:PTI
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Four Union Ministers including S Jaishankar, Nirmala Sitharaman, Piyush Goyal, and Ashwini Vaishnaw are set to represent India at the India-Singapore ministerial meeting today (August 26). The focus of the meeting will be on enhancing trade and economic relations between India and Singapore.

The India-Singapore Ministerial Roundtable (ISMR) is a distinctive platform designed to forge a new direction in bilateral relations between the two nations. Its first meeting took place in New Delhi in September 2022, marking the beginning of a strategic dialogue aimed at strengthening ties.

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The Commerce and Industry Minister Piyush Goyal is set to engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum, as reported by news agency PTI.

He will explore strategies to bolster bilateral trade and investment, capitalising on New Delhi’s burgeoning market opportunities and its dynamic growth trajectory. 

"Commerce and Industry Piyush Goyal will participate in the second ISMR along with Finance Minister Nirmala Sitharaman, External Affairs Minister Subrahmanyam Jaishankar and Minister for Railways, Information and Broadcasting, and Electronics and Information Technology Ashwini Vaishnaw,” the commerce and industry ministry said. 

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During their visit, the ministers will interact with the Singaporean counterparts and leadership. 

"This second meeting will enable both sides to review various aspects of their strategic partnership and identify new avenues to further elevate and broaden it," the ministry said.

Singapore’s Role In India’s FDI 

Notably, Singapore has played a significant role as a major investor in India, consistently leading as a top source of Foreign Direct Investment (FDI). In the fiscal year 2023-24, Singapore emerged as the largest contributor, infusing USD 11.77 billion into the Indian market.

Over the long term, from April 2000 to March 2024, the cumulative FDI from Singapore has reached an impressive USD 159.94 billion, underscoring the depth and significance of this economic partnership.

In bilateral trade, Singapore stood out as India's sixth largest global trade partner in the fiscal year 2023-24, with a total trade volume of USD 35.61 billion. This accounts for nearly 29 percent of India's trade with the ASEAN (Association of Southeast Asian Nations) region. During this period, India's exports to Singapore reached USD 14.41 billion, while imports from the city-state totaled USD 21.2 billion, resulting in a trade deficit favoring Singapore.