Minister of Finance and Corporate Affairs Nirmala Sitharaman,
Minister of External Affairs Dr S Jaishankar,
Minister of Commerce and Industry Piyush Goyal, and
Minister of Electronics and Information Technology, Railways, Information and Broadcasting Ashwini Vaishnaw,
Excellencies,
Distinguished Guests,
Ladies and gentlemen,
1. Good evening to all of you. First, let me extend a warm welcome to all of you. I would like to thank everyone for making the time to attend and participate in the second India-Singapore Ministerial Roundtable (ISMR) and the India Singapore Business Roundtable (ISBR) which were held concurrently.
2. The ISMR is unique in that it is a ministers-only forum. This allows us to exchange frank thoughts and ideas, and to identify new avenues for cooperation. This year, both sides have expanded our involvement in the ISMR, which reflects the importance we place on the ISMR and the growth in the scope of our bilateral cooperation.
3. My fellow Ministers and I had productive and insightful discussions today. I am glad that there has been significant progress since the first ISMR, where we identified green economy, digitalisation, food cooperation and skills and healthcare as emerging areas in which we could do more together. These are just a few areas in which we can catalyse and encourage more collaboration.
4. Today, we discussed new ways to deepen partnerships in these areas, and have also included other new areas and sectors of common interest, such as Advanced Manufacturing, Semiconductors and Connectivity, including aviation and maritime connectivity.
5. While governments can create an environment that encourages business activities to grow and flourish, we will still need the business community to take up such opportunities and drive trade and investments. This is why we hold the ISMR and ISBR concurrently to ensure that policies are matched with action. Both platforms also create a network of opportunities that extends beyond our borders, driving innovation and prosperity for both our countries, and ultimately, mutually benefit our people.
a. Indian companies form one of the largest foreign corporate contingents in Singapore, with companies like Bharti Group, which we have a long partnership with and TVS Motors and ACME group which have set up headquarters in Singapore.
b. Likewise, Singapore companies have longstanding operations in India, such as CapitaLand which is celebrating its 30th anniversary of operations in India this year, and Singapore Airlines which had partnered with Tata on Vistara and now Air India.
6. I am heartened to see that the B2B relationships are being renewed today through the ISBR, which has also seen a wider range of businesses from the traditional and new sectors such as Fintech. I thank you for your contributions and inputs to the ISMR pillars of cooperation but also in other areas such as supporting people-to-people connection and cultural exchanges. I look forward to learning more about your discussions later at dinner.
7. India and Singapore are natural partners, with complementary strengths that have allowed us to forge strong economic and investment ties. There is immense potential for India and Singapore to serve as gateways to our respective regions. Singapore, for example, offers a launchpad for businesses to access the dynamic and growing economies of ASEAN. India, on the other hand, is an important growth engine for the region and is poised to become the third largest economy in the world. India’s digital transformation, its growing middle class and expanding infrastructure present vast opportunities for Singapore companies. Together, we can create a bridge that not only links both our economies, but also connects our countries to broader opportunities in the region.
8. As we head into the 60th anniversary of diplomatic relations next year, I look forward to more exchanges between Singapore and India. I am confident that the discussions we had today, and those in the future, will pave the way to foster greater collaboration between Singapore and India.
9. Last but not least, I would like to thank the organisers and our officials. I wish everyone a fruitful exchange over dinner between the public and private sectors as we take forward the deep and longstanding relationship between Singapore and India. Thank you.