India and Singapore are set to sign a major semiconductor deal during Prime Minister Narendra Modi's visit to the lion city-state.
Indian Prime Minister Narendra Modi will visit Singapore on September 4-5, where he is expected to meet with host country President Tharman Shanmugaratnam and Prime Minister Lawrence Wong.
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| Indian Prime Minister Narendra Modi is set to visit Brunei and Singapore next week. (Source: Barrons) |
Focus on semiconductors
The two sides are expected to sign an agreement on semiconductors, even as India is strengthening cooperation in this field with global partners, including the US, Taiwan (China), the EU…
In the US, initiatives include a partnership between Purdue University and the India Semiconductor Mission. In Taiwan, a partnership between Tata Electronics and Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) led to the establishment of India’s first commercial semiconductor manufacturing plant in Dholera, Gujarat.
India’s cooperation with the EU includes a Memorandum of Understanding on Working Arrangement on Semiconductor Ecosystem under the EU-India Trade and Technology Council (TTC). New Delhi is also looking to work with Japan to promote technologies such as semiconductors to build resilient supply chains.
Apart from semiconductors, India and Singapore are likely to sign MoUs in the areas of skills, health/medicine and digital cooperation.
Investment will also be another major focus of Prime Minister Modi’s two-day visit. The Indian government has invited Singapore to invest in 12 industrial parks announced last week. The Lion City, known as the world’s financial hub, may send a team to India to review projects and investments. Singapore is currently India’s top foreign investor, accounting for about 23% of FDI flows since 2000.
During 2023-24, two-way trade between India and Singapore is expected to reach US$35.61 billion, making Singapore India's sixth largest global trading partner.
| Earlier, in a press release on August 30, the Indian Ministry of External Affairs said that Prime Minister Narendra Modi's visit to Singapore, at the invitation of Prime Minister Lawrence Wong, is important in further strengthening bilateral relations. The leaders will review the progress of the India-Singapore strategic partnership and exchange views on regional and global issues of mutual concern. |
Path-breaking initiatives
Prime Minister Modi's visit to the Southeast Asian nation was mentioned earlier by Singaporean Foreign Minister Vivian Balakrishnan, at the end of a high-level meeting between ministers of the two countries to boost strategic ties.
On August 26, four Indian ministers, including Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal and Railways and Information Technology Minister Ashwini Vaishnaw, were in Singapore to attend the 2nd India-Singapore Ministerial Roundtable (ISRM).
Singapore's delegation at the meeting was led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, along with Foreign Minister Vivian Balakrishnan and Home Affairs Minister K Shanmugam. Also present were Minister for Digital Development and Information and Second Minister for Home Affairs Josephine Teo, Minister for Manpower and Second Minister for Trade and Industry Tan See Leng and Minister for Transport and Second Minister for Finance Chee Hong Tat.
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| The 2nd India-Singapore Ministerial Roundtable (ISRM) in Singapore on August 26. (Source: PTI) |
During the discussions, both sides stressed the importance of strengthening the strategic partnership by focusing on key areas that are central to the future growth of both countries. The Ministers focused their discussions on the need to further strengthen the partnership and explore new avenues of bilateral cooperation.
In a post on social media X, the Indian Finance Ministry said that the two officials “highlighted ways to further enhance India-Singapore cooperation in emerging and future areas.” The two sides discussed the six pillars identified under the ISMR, including digitalization, skill development, sustainability, healthcare and pharmaceuticals, manufacturing and enhanced connectivity. The outcome of the meeting is said to “pave the way” for the Indian leader’s upcoming visit to the Southeast Asian country.
Speaking after the ISRM meeting, Prime Minister Lawrence Wong expressed "gladness at the progress on many fronts... New cooperation ideas are being pursued, including in manufacturing and enhanced connectivity. These initiatives will pave the way for closer strategic cooperation and partnership" between the two countries.The ISMR, which was first held in New Delhi in September 2022, has now expanded its focus to include these new areas of cooperation, reflecting the growing strategic partnership between the two countries.
Prime Minister Modi's most recent visit to Singapore was in 2018.
Singapore is the second destination on Mr. Modi's Southeast Asia tour, after Brunei - the first bilateral visit by an Indian Prime Minister to Brunei, coinciding with the 40th anniversary of bilateral diplomatic relations. According to the Financial Express , the visit will strengthen India’s diplomatic and strategic footprint in Southeast Asia. These high-level interactions not only mark a significant moment in India’s bilateral relations with Brunei and Singapore but also signal strategic alignment with the broader goals of its Act East policy. As India navigates the complexities of regional geopolitics, these engagements will play a key role in shaping a stable and cooperative Indo-Pacific region. |
Source: https://baoquocte.vn/an-do-singapore-huong-toi-linh-vuc-hop-tac-moi-noi-va-tuong-lai-284715.html
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