Semiconductors To Be In Focus During Modi's Singapore Visit
Advanced manufacturing and semiconductors were identified as critical areas for development in ISMR meeting.
Prime Minister Narendra Modi will soon visit Singapore following a high-level meeting between senior ministers from India and the Southeast Asian city-state. This meeting, held at the second India-Singapore Ministerial Roundtable, or ISMR, underscored the growing collaboration between the two nations.
Singapore's Foreign Minister, Vivian Balakrishnan, highlighted that the recent discussions were “productive” and laid the groundwork for PM Modi’s upcoming visit. The roundtable explored new avenues for cooperation, including digital transformation, skill development, sustainability, healthcare, connectivity, and advanced manufacturing.
This ISMR session marked the second such meeting since its inception in September 2022, when it was first launched by then-Deputy Prime Minister Lawrence Wong during a visit to India. The recent meeting saw significant new additions to the agenda, including advanced manufacturing and semiconductors. Balakrishnan noted that these sectors offer substantial opportunities for both nations and their businesses.
Advanced manufacturing and semiconductors were identified as critical areas for development. Balakrishnan emphasised the potential for collaboration in these fields, particularly given India’s ambition to expand its semiconductor industry and Singapore's robust capabilities in this sector.
India is poised for considerable growth in aviation, having placed orders for over 1,000 aircraft in the past year. This expansion presents significant opportunities for Singapore, which excels in aviation services such as maintenance and air operations. Balakrishnan described this as a "once in a two, three-decade opportunity" for collaboration.
The roundtable included high-level representatives from both nations. Singapore was represented by Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong, Home Affairs and Law Minister K. Shanmugam, Digital Development and Information Minister Josephine Teo, Manpower Minister Tan See Leng, and Transport Minister Chee Hong Tat. India’s delegation featured Finance Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Electronics and Information Technology, Railways, and Information and Broadcasting Minister Ashwini Vaishnaw.
The ministers reaffirmed the strong economic and people-to-people ties between the two countries, a relationship that has been fortified by initiatives such as the linkage between Singapore's PayNow and India's Unified Payments Interface in February 2023. This digital payments integration allows real-time fund transfers between the two nations and has broader implications for regional economic development.
Balakrishnan also pointed to the potential for expanding these digital payment systems into a regional instant payments network, which would facilitate trade and economic growth across the region. The recent discussions also addressed cybersecurity, standardising regulations, and improving interoperability to support future network expansions.
Deputy Prime Minister Gan Kim Yong expressed confidenace that the discussions would lead to even greater collaboration between Singapore and India, citing the strong economic and investment ties already established. He noted that Indian companies form one of the largest foreign corporate contingents in Singapore, underscoring the deepening economic relationship between the two countries.
(With inputs from PTI)
