India and Singapore have signed five agreements to enhance cooperation in trade, investment, defense, semiconductors, digital assets, and space technology. These deals are crucial for bilateral relations and economic growth.
New Delhi. Singaporean Prime Minister Lawrence Wong is on a three-day visit to India, during which he held an important meeting with Prime Minister Narendra Modi. In this meeting, both leaders discussed increasing cooperation in several sectors such as trade, investment, defense, digital technology, and space technology. Secretary (East) P. Kumaran stated that the main objective of the meeting was to further strengthen bilateral relations and diversify supply chains.
The meeting between Singaporean Prime Minister Lawrence Wong and Prime Minister Narendra Modi is considered a significant step towards b cooperation between the two countries. The primary focus of the discussions during the meeting was on the semiconductor ecosystem, green and digital shipping corridors, digital asset innovation, and space technology.
Expansion in Trade and Investment
During the meeting, both leaders expressed satisfaction with the continuous growth in bilateral trade. They informed that India-Singapore trade increased from approximately $6.7 billion in 2004-05 to $35 billion in 2024-25. Both sides agreed to review the CECA and ASEAN-India trade agreements to further strengthen trade and investment relations.
Prime Minister Modi and Lawrence Wong also emphasized increasing investment flow between India and Singapore. Technical partnership, skill development, and research and development (R&D) were given top priority in this regard.
Semiconductor Cooperation
P. Kumaran stated that during Prime Minister Modi's visit to Singapore last year, an MOU was signed between India and Singapore on semiconductor ecosystem partnership. Under this, both countries decided to promote the semiconductor ecosystem in India, encourage investment and trade, and cooperate on skill development and research.
This partnership will prove to be crucial for technological innovation and industrial development in the coming years. Both countries will ensure high-quality semiconductor products and technical training through this cooperation.
Strengthening Defense Cooperation
Defense cooperation was considered an important area of bilateral partnership during the meeting. Agreement was reached to promote exchange and training programs between the armed forces of both countries. Additionally, cooperation and research in defense technology were also prioritized.
Prime Minister Modi and Wong also discussed strengthening cultural and people-to-people ties between India and Singapore. This move will give a new direction to the strategic and social relations between the two countries.
Green and Digital Shipping Corridors
An agreement was reached on green and digital shipping corridors during the meeting. The objective of this is to facilitate zero-emission fuel supply chains and make maritime industries more sustainable. Under this, India and Singapore will promote green technology and digital solutions in maritime transport.
Digital Asset Innovation
Secretary P. Kumaran informed that both leaders also signed an MOU for cooperation in digital asset innovation. This will involve working towards promoting cooperation in the digital sector, including Central Bank Digital Currency (CBDC). This agreement will lead to the implementation of new technologies in financial transactions and digital payment systems.
