India, Singapore seal five pacts, pledge to enhance trade and investment
India and Singapore on Thursday finalised five agreements to deepen cooperation in areas ranging from fintech innovation to a green shipping corridor as Prime Minister Narendra Modi and his Singaporean counterpart Lawrence Wong pledged to enhance trade and investments to cope with uncertainty in the global economy.
The two sides agreed to bolster cooperation to drive India’s ambition to emerge as semiconductor manufacturing hub, including a “green lane” initiative to optimise supply chains and minimise risks, and unveiled a roadmap focused on eight pillars, including economic cooperation, defence and security cooperation, digitalisation, connectivity, healthcare, and sustainability.
Wong, on his first visit to India after becoming prime minister, pledged to build on Singapore’s position as the largest source of FDI inflows for seven years by expanding cooperation in manufacturing, sustainable industrial parks, and supply chains and logistics. The two PMs virtually inaugurated the second phase of the Bharat Mumbai Container Terminal at Nhava Sheva Port, operated by Singapore’s PSA International.
“Today, in the Southeast Asian region, Singapore stands as our largest trading partner. Singapore has made substantial investments in India,” Modi said at a joint media interaction with Wong. “Singapore is a vital pillar of our Act East policy. Together, we will continue to advance cooperation with Asean and carry forward our joint vision for peace and stability in the Indo-Pacific region.”
Wong added, “In a world marked by great uncertainty and turbulence, the partnership between India and Singapore becomes even more important because this is a partnership rooted in shared values, mutual respect and a deep reservoir of trust.”
Modi said the new roadmap to guide the bilateral comprehensive strategic partnership will take cooperation to new areas such as advanced manufacturing, green shipping and civil nuclear energy. The two sides have also agreed to carry out a time-bound review of the bilateral Comprehensive Economic Cooperation Agreement (CECA) and the Asean-India Trade in Goods Agreement (AITIGA) to accelerate trade, he said.