Commerce Minister to explore strategies to bolster bilateral trade and investment

The 2nd India Singapore Ministerial Roundtable (ISMR) is scheduled to be held on 26th August 2024 in Singapore. Union Minister for Commerce & Industry, Shri Piyush Goyal will participate in the 2nd ISMR along with Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, Minister for External Affairs, Dr. Subrahmanyam Jaishankar and Minister for Railways, Information and Broadcasting, and Electronics and Information Technology, Shri Ashwini Vaishnaw. During their visit, the Ministers will interact with their Singaporean counterparts and leadership. 

On August 25, 2024, the Commerce & Industry Minister 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.

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. This 2nd meeting will enable both sides to review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it.

Singapore has been a major source of FDI for India. In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated $11.77 billion in inflows. The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around $159.94 billion. In bilateral trade, Singapore was the 6th largest global trade partner of India in 2023-24 with a total trade of $35.61 billion which accounts approximately 29% of India’s total trade with ASEAN.

Bilateral trade and investment dialogue to expand India-Singapore strategic partnership and explore new commercial opportunities. Senior Indian Ministers will participate in the 2nd India-Singapore Ministerial Roundtable to engage Singaporean counterparts and leading business investors, review the Strategic Partnership, and pursue measures to deepen bilateral trade and investment by facilitating commercial engagement, promoting investment opportunities in India's market, and identifying new cooperation avenues.