India, Singapore Ink Pacts On Digital Technologies, Semiconductors & Others To Boost Ties

In a significant development, India and Singapore have signed four key Memorandum of Understanding (MoU) in the fields of digital technologies, semiconductors, health cooperation and skill development, which will further strengthen their cooperation.

The agreements were signed on Thursday (Septmeber 5) after Prime Minister Narendra Modi, who is visiting Singapore, and his counterpart Lawrence Wong held bilateral meetings.

To enhance collaboration, Modi announced the establishment of an Invest India office in Singapore and encouraged Singaporean business leaders to explore investment opportunities in India.

As per an ET report, the two highlighted the strong progress in bilateral economic ties and called for increased trade and investment between the countries.

Modi said, “Singapore is not just a partner but an inspiration for developing nations. Our goal is to create multiple ‘Singapores’ within India.”

Modi added that with approximately $160 Bn invested in the Indian economy, Singapore stands as a key economic partner for India, emphasising that India’s rapid growth presents substantial investment opportunities for Singaporean businesses.

Additionally, the two reviewed cooperation in defence, maritime security, education, AI, fintech, new technologies, and science. They agreed to boost connectivity and strengthen economic and people-to-people ties, as well as accelerate green corridor projects.

Besides, the PM invited Singaporean semiconductor companies to the Semicon India exhibition in Greater Noida next week. During the meeting, he also announced the opening of India’s first Thiruvalluvar Cultural Centre in Singapore and met with Singapore President Tharman Shanmugaratnam, former PM Lee Hsien Loong, and emeritus senior minister Goh Chok Tong.