India and Singapore Ministers Meet to Boost Trade and Investment
The 2nd India-Singapore Ministerial Roundtable (ISMR) is set to take place in Singapore on August 26. Key Indian ministers, including Piyush Goyal (Commerce and Industry), Nirmala Sitharaman (Finance and Corporate Affairs), Subrahmanyam Jaishankar (External Affairs), and Ashwini Vaishnaw (Railways, Information and Broadcasting, and Electronics and Information Technology), will participate.
During their visit, the ministers will engage with Singaporean counterparts and leaders. Piyush Goyal will meet with global business figures from DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum to discuss strategies for enhancing bilateral trade and investment.
The India-Singapore Ministerial Roundtable is a unique platform established to set a new agenda for bilateral relations. The inaugural meeting was held in New Delhi in September 2022. This second meeting will review various aspects of the Strategic Partnership and identify new opportunities for growth.
Singapore is a significant source of Foreign Direct Investment (FDI) for India, contributing USD 11.77 billion in 2023-24. From April 2000 to March 2024, the cumulative FDI inflow from Singapore is around USD 159.94 billion. In terms of bilateral trade, Singapore was India’s 6th largest global trade partner in 2023-24, with a total trade value of USD 35.61 billion, accounting for approximately 29% of India’s total trade with ASEAN.
Doubts Revealed
Ministerial Roundtable -: A Ministerial Roundtable is a meeting where important government ministers from different countries come together to discuss and make decisions on specific topics, like trade and investment.
Piyush Goyal -: Piyush Goyal is an Indian politician who is the Minister of Commerce and Industry. He helps make rules about trade and business in India.
Nirmala Sitharaman -: Nirmala Sitharaman is an Indian politician who is the Minister of Finance. She manages the money and financial policies of India.
Subrahmanyam Jaishankar -: Subrahmanyam Jaishankar is an Indian politician who is the Minister of External Affairs. He handles India’s relationships with other countries.
Ashwini Vaishnaw -: Ashwini Vaishnaw is an Indian politician who is the Minister of Railways, Communications, and Electronics & Information Technology. He looks after trains, communication systems, and technology in India.
FDI -: FDI stands for Foreign Direct Investment. It means money that people or companies from one country invest in businesses in another country.
Strategic Partnership -: A Strategic Partnership is a special relationship between two countries where they work closely together on important issues like trade, security, and technology.
