India and Singapore exchanged agreements on Thursday to help firms in the Republic tap into India’s growing semiconductor industry and strengthen digital links between the two countries.
They will also be stepping up cooperation in areas such as skills development and healthcare.
Four memoranda of understanding were exchanged at Parliament House, witnessed by Prime Minister Lawrence Wong and Indian Prime Minister Narendra Modi, who was in Singapore on an official visit.
These were first signed by Singapore ministers and their Indian counterparts on the sidelines of the second edition of the India-Singapore Ministerial Roundtable (ISMR), which was held at Shangri-La Singapore on Aug 26.
Mr Modi, who was in Singapore for two days, earlier received a ceremonial welcome by PM Wong at Parliament House.
In his opening remarks at the meeting with PM Wong, Mr Modi said Singapore is not just a partner nation but an inspiration for every developing nation. He called the roundtable formed between India and Singapore a “path-breaking” mechanism.
“I thank you for your warm welcome. This is our first meeting after you assumed the post of prime minister. Many congratulations to you from my side. I am confident that under the leadership of 4G, Singapore will progress even faster,” Mr Modi said.
The Indian Prime Minister added: “We also want to create many Singapores in India, and I am happy that we are working together in this direction.”
He noted that cooperation between the two nations in various sectors, including digitalisation, advanced manufacturing and cybersecurity, has become an identity of the India-Singapore ministerial roundtable.
“Singapore is also an important facilitator of our Act East policy,” said Mr Modi. “Our shared belief in democratic values connects us with each other. I am delighted to have the opportunity to visit Singapore at the beginning of my third term.
“Our strategic partnership is completing a decade. Over the past ten years, our trade has more than doubled. Mutual investment has increased almost threefold to cross US$150 billion.”
Mr Modi said he is pleased that the India-Singapore relationship is being raised to a Comprehensive Strategic Partnership.
“The 3.5 lakh (350,000) people of Indian origin residing in Singapore are the strong foundation of our relationship,” he said. “We are forever thankful to Singapore for the place and honour that (Indian freedom fighter) Subhash Chandra Bose, Azad Hind Fauj (Indian National Army formed to liberate India from British rule) and Little India have received in Singapore.”
India aims to grow its semiconductor industry and become a global node for semiconductor manufacturing, while players in Singapore’s ecosystem are looking to enter emerging markets.
The MOU in this area will see both countries partnering to support India’s growth plans and facilitate the entry of Singapore companies and supply chains in the Indian market. Mr Modi noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities.
He and PM Wong also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, fintech, new technology domains and science and technology.
As part of the official visit, Mr Modi called on President Tharman Shanmugaratnam and met Senior Minister Lee Hsien Loong and Emeritus Senior Minister Goh Chok Tong. He was hosted to lunch by SM Lee.
He engaged students from Singapore who did internships in India as part of the India Ready Talent Programme, which offers university and polytechnic students overseas internship opportunities at Indian and Singapore companies in India.
Mr Modi also met interns from technical skills institute World Skill Centre in Odisha who are working for companies here.
