By Ayushi Agarwal
New Delhi [India], May 27 (ANI): India and Singapore’s efforts and strategic planning have brought the bilateral linkages between them to a new juncture, further opening up with upswing in the trade and investment ties between the resource-rich and resource-dependent countries respectively.
With the recent change of guard in Singapore, the relationship between India and Singapore remains old and vibrant. It has a history of bilateral relationships rooted in shared values, economic opportunities and convergence of interests on key issues.
From economic and technological ties, cultural, people-to-people ties to skills development and digitalisation, the relationship at large has been very vibrant and extensive.
The India – Singapore relations will see a new trajectory in upscaling the bilateral relationship, with the year 2025 marking 60 years of diplomatic relationship between the two countries. Several MOUs or Memorandum of Understanding between India and Singapore are likely to see a forward movement soon.
After two decades at the helm, Lee Hsien Loong stepped down as Singapore’s prime minister and his deputy Lawrence Wong took the hold.
After taking office, Lawrence Wong became Singapore’s fourth prime minister since the country’s independence and its first new premier in 20 years. Notably, Prime Minister Narendra Modi congratulated Lawrence Wong on assuming office as the new Prime Minister of Singapore.
In a post on X, PM Modi wrote, “Warmest congratulations @LawrenceWongST on assuming office as Prime Minister of Singapore.” I look forward to working closely with you to further advance our Strategic Partnership,” he added.
In terms of trade relationships, there has been an upswing in the trade and investment ties between the two countries.
India was Singapore’s 12th largest trading partner and 12th largest export destination in 2023. According to India’s Department for Promotion of Industry and Internal Trade, which measures investment flows, Singapore invested USD 17.2 billion in FY2022. Cumulatively, Singapore has accounted for about 23 per cent of India’s FDI equity Inflows since 2000.
Singapore which began its investments in 1995 onwards, has cumulative investments in ASEAN of about USD 130 billion, cumulative investment in China of about USD 160 billion and for India, there are around two figures (The Indian figure is USD 190 billion. The Singapore figure is closer to USD 120 billion).
Singapore perceives India as a very important player, both geopolitically and as an important engine of growth.
In terms of defence partnership, India and Singapore have a healthy relationship with two of the Indian warships in Singapore right now. Notably, last year, the 15th India-Singapore Defence Policy Dialogue between the two countries was held with an agreement to enhance collaboration in service-to-service interactions, bilateral exercises & emerging areas such as cyber security.
Both sides reaffirmed their commitment to fully implement the ‘Strategic Partnership’ based on mutual trust and understanding, common interests and shared values of democracy and the rule of law. This was the first physical meeting at the level of defence secretary between India and Singapore post the COVID-19 pandemic.
The present boost to India-Singapore relations has contributed to interactions between the states of India and Singapore. As regards the high-level visits, there could likely be some of them in future after the cabinet is formed. Earlier, a new momentum and direction in the Strategic Partnership was anchored when Prime Minister Modi travelled to Singapore in 2018 for an official visit and then for his second visit on 14-15 November to attend the ASEAN- India and RCEP and 13th East Asia Summit.
PM Modi also became the first Indian PM to deliver the keynote address at the annual Shangri La Dialogue on 01 June 2018. In a November visit, he also became the first Head of Government to deliver the keynote address at the Singapore Fintech Festival, the world’s largest fintech event.
Then Prime Minister of Singapore Lee Hsien Loong also visited India on January 25-26, 2018 to participate in the Republic Day Celebrations in New Delhi and co-chaired the 2018 ASEAN India Commemorative Summit (AICS).
India and Singapore have achieved proficiency in establishing economic linkage.
Notably, to enable faster remittances between the two countries at a competitive rate, last year the link between India’s UPI and Singapore’s PayNow was officially launched in the presence of PM Modi and PM Lee Hsien Loong, by RBI Governor Shaktikanta Das, and Monetary Authority of Singapore’s Managing Director, Ravi Menon.
The PayNow-UPI linkage offered cheaper, faster, and safer cross-border retail payments and remittances, for businesses and individuals alike, directly between bank accounts or e-wallets, using a mobile phone number, UPI identity, or Virtual Payment Address (VPA). (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.