Union Minister for Commerce and Industry, Piyush Goyal, engaged in discussions with global business leaders in Singapore on August 25, focusing on bilateral trade and investment. Among those he met were representatives from Temasek Holdings, DBS Bank, OMERS, Keppel Infrastructure, and TVS Motor Company. As reported by the Ministry of Commerce and Industry, Goyal arrived in Singapore, in preparation for the upcoming 2nd India-Singapore Ministerial Roundtable (ISMR).
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.
The discussions focused on key areas such as increasing investments, particularly in the SME sector, enhancing India's investment climate, advancing sustainable development through decarbonization, and exploring synergies for family-owned businesses in the changing global landscape. These interactions underscore the commitment to deepening economic ties between the two nations, fostering shared growth and innovation.
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 highlight the strengthening and expanding relationship between India and Singapore, showcasing the strategic significance of their economic and educational collaborations in driving future growth. Singapore has been a key source of FDI for India, with an estimated inflow of USD 11.77 billion during 2023-24. In terms of bilateral trade, Singapore ranked as India's 6th largest global trade partner for 2023-24, with total trade reaching USD 35.61 billion.