India’s Commerce and Industry Minister Piyush Goyal wrapped up a three-day visit to Singapore on Oct 4 with a powerful call for deeper and faster collaboration, urging Singaporean investors to “seize the moment” as both countries mark 60 years of diplomatic ties and embark on a Comprehensive Strategic Partnership (CSP).
Addressing over 250 business leaders at the India-Singapore @60: Partnership for Growth & Engagement conclave at the Shangri-La Hotel, Mr Goyal framed the next phase of the relationship as mission-mode and time-bound, calling Singapore a “trusted partner” in India’s march from a US$4 trillion economy towards its US$30 trillion aspiration by 2047.
“The time is now, the time is right. If we fail to capture the momentum that this relationship has gained, we will miss a defining moment,” Mr Goyal said. “We value and trust your friendship, and I can assure you the delta of opportunity that India offers will truly provide your businesses and your technologies a very large market.”
The high-profile business session was co-organised by the Federation of Indian Chambers of Commerce & Industry (FICCI), Confederation Of Indian Industry (CII) and Associated Chambers of Commerce and Industry of India (ASSOCHAM) to mark 60 years of India-Singapore diplomatic relations, and featured remarks from Singapore’s Minister of State for Foreign Affairs and Trade and Industry Gan Siow Huang and India’s High Commissioner to Singapore Dr. Shilpak Ambule.
Singapore’s Endorsement: “A Special Relationship”
Ms Gan emphasised that Singapore shares comprehensive strategic partnerships with only four other countries, underscoring the depth of its bond with India.
She outlined a pragmatic roadmap focused on co-creating new products and services, expanding into Southeast Asian markets, and promoting responsible business.
“Every time I go to India, I’m amazed by the progress,” Ms Gan said, referencing the five MoUs inked during Prime Minister Lawrence Wong’s recent visit to India.
What Goyal Put on the Table
Mr Goyal’s pitch blended confidence with concrete policy signals aimed at Singapore’s sovereign funds, corporates, and financial institutions.
Fast-track mechanisms: The India–Singapore Business Roundtable, he said, would function as a “vehicle” for faster approvals, structured investments, and direct dialogue between governments and enterprises.
Ease of doing business: Mr Goyal reiterated India’s reform mantra – “minimum government, maximum governance” – citing decriminalisation of business laws, reduction of compliance burden, nationwide GST unification, and a national power grid supporting data centres and AI infrastructure.
Technology-forward growth: India views AI, quantum computing, and machine learning as growth multipliers, not job displacers.
Sectoral opportunities: He spotlighted energy transition (green hydrogen, renewables), ports and aviation, financial services, agri-value chains, advanced manufacturing, and skills and education as areas ripe for Singaporean participation.
“Innovation will be at the cutting edge of India’s growth,” Mr Goyal said. “Our reforms are built on a presumption of trust – a small mistake should not create difficulty in business.”
High-Profile Engagements
On the sidelines during his three-day visit, Mr Goyal met leading investors and corporate heads, including Temasek’s Dilhan Pillay, Sembcorp’s Wong Kim Yin, Keppel’s Loh Chin Hua, Blackstone’s Gautam Banerjee, TPG Capital’s Jim Coulter, EQT’s Jean Salata and Schneider Electric’s Manish Pant.
Discussions spanned energy transition, infrastructure, real estate platforms, digital connectivity, and automation, with emphasis on deepening financial intermediation to fund India’s capital expenditure cycle.
A highlight was Mr Goyal’s call on President Tharman Shanmugaratnam at the Istana, where he reaffirmed a “strategic and forward-looking partnership underpinned by shared values, resilient economic ties, and joint emphasis on innovation and sustainability”.
Singapore’s Role in India’s Next Chapter
Singapore is already India’s largest FDI source and top Asean trading partner, a hub for corporate treasury centres and Asia headquarters. The CSP now provides the political scaffolding for a more focused, faster, and broader engagement.
Mr Goyal outlined three pillars driving India’s outreach to Singapore:
Scale – India’s vast domestic market and Purchasing Power Parity GDP of over US$15 trillion create unmatched opportunities for long-horizon investments.
Skills – A young, dynamic workforce and 200,000 startups ready to adopt and adapt Singapore’s cutting-edge technologies.
Speed – Bilateral mechanisms, including ministerial and business roundtables, will operate in “fast-track mode” to compress project gestation periods.
High Commissioner Ambule described the India-Singapore ministerial roundtable as a “unique mechanism” that has met three times in as many years, giving “structure and direction” to business outcomes across space, advanced manufacturing, health, and the digital economy.
Ms Gan urged businesses to “enter more new markets, co-create new products, and do more good,” recalling how India–Singapore collaboration delivered public value during the pandemic.
Priority Tracks for the Next 18 Months
Mr Goyal’s visit aimed to turn diplomatic milestones into tangible outcomes. Key deliverables expected in the coming year include:
Energy transition: Platform deals in green hydrogen, renewables, and waste-to-energy, co-developed with Singapore’s Keppel and Sembcorp.
Digital corridors: Co-investment in data centres, fintech sandboxes, and AI governance frameworks.
Manufacturing: Partnerships in components, electronics, and EV supply chains, financed via Singapore-based vehicles.
Infrastructure finance: Scaling REITs, InvITs, and blended finance for climate projects.
Skills and education: Joint programmes linking Singapore polytechnics and Indian states to develop talent in logistics, power, and automation.
Mr Goyal concluded with a note of urgency and trust: “We will not fail our people. We will not fail to catch this huge opportunity that this partnership provides.”
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14 Aug 2025 14:56
