Strengthening Indo-Singapore Bilateral Relations to Boost Trade

Singapore continues to be one of the sought-after international business destinations, attracting investments from all around the globe. In this edition, let’s take a look into the recent stride towards fostering robust trade ties and investments between the Indian government and Singapore.

Led by the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Rajesh Kumar Singh, the delegation was involved in a series of discussions and strategic engagements to strengthen bilateral cooperation.

The visit, which commenced on Monday, witnessed key government officials from India engaging in high-level dialogues with their Singaporean counterparts. This established the groundwork for better collaboration and investment inflows. The delegation was actively involved in investor roundtables, showcasing the vibrant economic landscape of India along with investment avenues across various industry verticals.

India-Singapore Trade Roundtable was one of the noteworthy events, focussing on the Food and Machinery Sector. It was jointly organized by the High Commission of India in Singapore and the Federation of Indian Chambers of Commerce & Industry (FICCI) in collaboration with the Singapore Business Federation. Besides facilitating dialogue, the involved parties discussed scopes of joint ventures, strategic partnerships between businesses in India and Singapore, and the transfer of technologies.

The primary objective of the delegation was to cordially invite investors and motivate them to explore the extensive investment potential in India. This is likely to mature into stronger trade relations between the two nations.

Discussions between Rajesh Kumar Singh and Beh Swan Gim, Singapore’s Trade and Industry Ministry Permanent Secretary, revealed the mutual commitment to deepen cooperation across different sectors, thereby demonstrating the importance of bilateral ties.

The delegation also actively participated in Investors roundtable discussions focusing on Renewable Energy and Electronics and Semiconductors that were organized by Enterprise Singapore and Invest India. A session of constructive dialogues followed between the leaders representing both countries as they explored viable avenues to intensify investment collaborations. Thus, the potential for strategic ventures between Singapore and India is on the cards.

Currently, Singapore stands in the 8th position among the largest trade partners of India. In 2022-23, bilateral trade between these two countries reached a mammoth $35.59 billion. This marked a commendable growth of 18% over the previous fiscal year, as pointed out by the Indian High Commission in Singapore. The positive growth trajectory highlights the strong potential for further expansion and deepening of economic engagements between the two Asian countries.

With these developments, Singaporean entities would be looking for company formation in India and capitalize on the opportunities. The IMC Group continues to be a trusted partner for company formation for global businesses expanding across borders, offering professional counselling and assistance.