India and Singapore are looking to deepen cooperation in semiconductors, digital technology, advanced manufacturing and connectivity.
The fourth ministerial roundtable also focused on fintech, AI, skills, healthcare, sustainability and investment.
Highlights
- India and Singapore held the fourth India-Singapore Ministerial Roundtable in Singapore on August 20.
- Semiconductors, advanced manufacturing, digitalisation and connectivity emerged as key areas for deeper cooperation.
- Six cooperation pillars include manufacturing, connectivity, digitalisation, healthcare, skills and sustainability.
- Two MoUs and one Letter of Intent were exchanged during the engagement.
- Digital cooperation covers DPI, AI governance, cybersecurity, fintech and semiconductor supply chains.
- Business discussions focused on ease of doing business, capital-market flows, AI and international market opportunities.
New Delhi: India and Singapore have identified semiconductors, advanced manufacturing, digitalisation and connectivity as major areas for deeper economic cooperation as the two countries seek to expand their Comprehensive Strategic Partnership.
The fourth India-Singapore Ministerial Roundtable (ISMR) was held in Singapore on August 20. India was represented by External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Minister of State for Electronics and IT and Commerce and Industry Jitin Prasada.
Jaishankar described the engagement as a step towards building a contemporary and forward-looking India-Singapore partnership. Discussions covered advanced manufacturing, semiconductors, connectivity, digital technologies, fintech, skilling, the green economy and clean energy. Ministers also interacted with participants of the India-Singapore Business Roundtable.
The Ministry of Finance outlined six key pillars for cooperation — Advanced Manufacturing, Connectivity, Digitalisation, Healthcare & Medicine, Skills Development and Sustainability.
Two Memorandums of Understanding and one Letter of Intent were also exchanged, covering maritime heritage cooperation, food safety, and telecommunications and broadcasting regulations.
Goyal highlighted opportunities to deepen the Comprehensive Strategic Partnership in areas such as advanced manufacturing, fintech, digitalisation, healthcare and sustainability. Prasada focused on cooperation in digital technology, Digital Public Infrastructure (DPI), semiconductor supply chains, AI governance, cybersecurity, fintech and digital skills.
Semiconductors are emerging as an important part of the bilateral economic relationship. India is working to strengthen its domestic semiconductor capabilities and integrate them with global supply chains, while Singapore has an established semiconductor ecosystem that could provide opportunities for collaboration.
Digital connectivity is another major area of cooperation. India and Singapore linked India’s Unified Payments Interface (UPI) with Singapore’s PayNow in 2023. The two countries have also been working together in areas including Digital Public Infrastructure, artificial intelligence and data governance.
Business discussions alongside the ministerial meeting covered ease of doing business in India, capital-market flows and AI. Indian companies are also exploring opportunities to use Singapore as a base to access international markets.
The latest roundtable broadens bilateral economic cooperation across manufacturing, technology, skills, healthcare, connectivity and sustainability, with the next focus likely to be translating these areas into investment, business partnerships and greater market access.
