India and Singapore Strengthen Ties at 2nd Ministerial Roundtable
The 2nd round of the India-Singapore Ministerial Roundtable (ISMR) is happening in Singapore today. This event is important for improving the partnership between the two countries.
Key Leaders Attending
Singapore’s team is led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong. Other members include:
- Minister for Foreign Affairs Dr. Vivian Balakrishnan
- Minister for Home Affairs and Law K. Shanmugam
- Minister for Digital Development and Information Josephine Teo
- Minister for Manpower Dr. Tan See Leng
- Minister for Transport Chee Hong Tat
India’s team includes:
- Minister of Finance Nirmala Sitharaman
- Minister of External Affairs Dr. S. Jaishankar
- Minister of Commerce and Industry Piyush Goyal
- Minister of Electronics and Information Technology Ashwini Vaishnaw
Agenda and Goals
The roundtable will review progress since the first meeting in New Delhi in 2022 and plan future collaborations. Discussions will focus on:
- Enhancing trade and investment
- Exploring new cooperation strategies
- Leveraging India’s growing market
Singapore is a key partner for India, being the largest source of foreign direct investment in 2023-24 with USD 11.77 billion. Bilateral trade reached USD 35.61 billion, making Singapore India’s 6th largest global trade partner.
Additional Meetings
Indian ministers will also meet with Singaporean leaders, including:
- President Tharman Shanmugaratnam
- Prime Minister Lawrence Wong
- Deputy Prime Minister Gan Kim Yong
Union Minister Piyush Goyal has already discussed trade and investment with global business leaders in Singapore. He also visited the Institute of Technical Education to explore educational collaborations.
Union Finance Minister Nirmala Sitharaman arrived in Singapore on Sunday to join the roundtable.
The 2nd ISMR aims to deepen the partnership between India and Singapore, finding new ways to work together and grow economically.
Doubts Revealed
Ministerial Roundtable -: A Ministerial Roundtable is a meeting where important leaders from different countries come together to discuss and make decisions on various topics.
Bilateral cooperation -: Bilateral cooperation means two countries working together to help each other in different areas like trade, education, and technology.
Foreign direct investment -: Foreign direct investment (FDI) is when people or companies from one country invest money in businesses or projects in another country.
2023-24 -: 2023-24 refers to the financial year that starts in 2023 and ends in 2024. It’s a way to keep track of money and budgets over a specific period.
Collaboration opportunities -: Collaboration opportunities are chances for two or more groups to work together on projects or ideas to achieve common goals.