Piyush Goyal Meets Global Business Leaders in Singapore to Boost India-Singapore Trade
Union Minister for Commerce and Industry, Piyush Goyal, engaged in discussions on bilateral trade and investment with global business leaders in Singapore. Among those he met on August 25 were representatives from Temasek Holdings, DBS Bank, OMERS, Keppel Infrastructure, and TVS Motor Company.
According to the Ministry of Commerce and Industry, Goyal arrived in Singapore on Sunday, ahead of the 2nd India Singapore Ministerial Roundtable (ISMR) scheduled for August 26. Goyal posted on X, “Wrapped up a very fruitful day in Singapore today, with interactions and discussions with leaders of major global investment firms having over USD 500 billion of assets under management. Positioned India as an attractive investment destination and invited these multinationals to be a part of our development journey.”
The meetings focused on enhancing investment opportunities between India and Singapore, emphasizing mutual growth and collaboration across various sectors. Key areas of discussion included scaling up investments, particularly in the SME sector, improving India’s investment climate, promoting sustainable development through decarbonization, and exploring synergies for family-owned businesses in the evolving global landscape.
During his visit, Goyal also toured the Institute of Technical Education (ITE) Headquarters and ITE College Central in Singapore, exploring potential collaborations to develop advanced learning environments. These initiatives aim to equip young talent with future-ready skills tailored to diverse industry needs. He visited facilities such as the Aerospace and Smart Manufacturing Hubs, gaining insights into continuing education and skill development.
These discussions and visits underscore the robust and growing relationship between India and Singapore, emphasizing the strategic importance of their economic and educational partnerships in driving future growth. Singapore has been a source of FDI for India, contributing an estimated USD 11.77 billion in inflows during 2023-24. In bilateral trade, Singapore was India’s 6th largest global trade partner in 2023-24, with total trade amounting to USD 35.61 billion.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He helps make decisions about trade and industry.
Global Business Leaders -: These are important people from big companies around the world who make decisions about business and trade.
Singapore -: Singapore is a small but very rich country in Southeast Asia. It is known for its strong economy and clean city.
Trade -: Trade means buying and selling goods and services between countries.
Investment -: Investment is when people or companies put money into something to make a profit later.
SMEs -: SMEs stands for Small and Medium-sized Enterprises. These are smaller companies that are very important for the economy.
Sustainable Development -: Sustainable development means making sure we grow and develop in a way that doesn’t harm the environment and can be continued for a long time.
Educational Institutions -: These are places like schools and colleges where people go to learn new things.
Skill Development -: Skill development means learning new skills or improving existing ones to do a job better.
FDI -: FDI stands for Foreign Direct Investment. It means when people or companies from one country invest money in businesses in another country.