Singapore business leaders pledge investments in India during meeting with PM Modi

The commitment from these high-profile Singaporean firms showcases Singapore’s confidence in India’s market potential.

Prime Minister Narendra Modi on September 5 conducted a significant roundtable meeting with top Singapore business leaders representing various sectors, including investment funds, infrastructure, manufacturing, energy, sustainability, and logistics.

Top CEOs from several prominent Singaporean companies expressed their commitment to investing in India. The meeting included leaders from Blackstone Singapore, Temasek Holdings, Sembcorp Industries Limited, CapitaLand Investment, ST Telemedia Global Data Centers, Singapore Airlines, and other prominent companies.

Reports indicate that Singaporean companies have pledged to invest over Rs 5 lakh crore (approximately USD 60 billion) in the coming years.

During the discussions, these business leaders emphasized their commitment to enhancing economic collaboration and making investments in diverse sectors within India. Their pledge highlights a strong interest in India as a leading investment destination and underscores the strategic initiatives being undertaken to boost bilateral trade and economic growth.

The commitment from these high-profile Singaporean firms is expected to significantly contribute to India's economic growth.

During the discussion, the PM praised the pivotal role these industry leaders have played in strengthening economic ties between India and Singapore. He acknowledged their contributions to deepening bilateral relations and unveiled plans to set up an INVEST INDIA office in Singapore to enhance collaboration further.

PM Modi emphasized the recent upgrade of India-Singapore relations to a Comprehensive Strategic Partnership, highlighting how this development will significantly enhance bilateral economic cooperation.

In his address, PM Modi spotlighted India's substantial economic progress over the past decade, attributing it to the country's political stability, consistent policy framework, Ease of Doing Business, and reform-driven agenda. He reiterated India's ambition to become the third-largest global economy in the near future and noted that the country currently contributes 17% to global economic growth, driven by its skilled workforce and broad market opportunities.

The Prime Minister also discussed India's expanding role in global value chains, citing initiatives like the Production Linked Incentive scheme, the India Semiconductor Mission, and the creation of 12 new Industrial Smart Cities as key factors.

PM Modi encouraged the CEOs to explore investment opportunities in India's skill development programs and resilient supply chains. He invited Singaporean business leaders to increase their investment presence in India, underscoring the vast opportunities available across various sectors.

PM Modi assured that India would accelerate infrastructure development during his third term and informed the CEOs about new opportunities in Railways, Roads, Ports, Civil Aviation, Industrial Parks, and Digital Connectivity.

PM Modi and Singapore's Wong tour AEM, strengthen semiconductor cooperation

Prime Minister Narendra Modi, currently on a two-day visit to Singapore, arrived on September 4 for his fifth official trip. During the visit, he and Singaporean Prime Minister Lawrence Wong agreed to elevate their bilateral relationship to a "comprehensive strategic partnership." The Prime Ministers also visited AEM, a leading Singaporean firm in the semiconductor and electronics sector, marking a key step in enhancing bilateral cooperation in the semiconductor industry. At AEM, they were briefed on the company's crucial role in the global semiconductor value chain, its current operations, and future plans involving India. The Singapore Semiconductor Industry Association also shared insights into Singapore’s semiconductor ecosystem and explored collaboration opportunities with India.

Additionally, PM Modi met with former Singaporean Prime Minister Lee Hsien Loong, discussing potential collaborations in green energy and FinTech. Modi praised Loong as a “strong advocate of close India-Singapore ties” and recognized his role in advancing the India-Singapore strategic partnership.

On September 5, PM Modi also met with Singapore’s President Tharman Shanmugaratnam to explore ways to expand and deepen bilateral cooperation.

Also today, PM Modi and Singapore's Prime Minister Wong have agreed to deepen their nations' partnership by signing four Memorandums of Understanding (MoUs), marking a commitment to increased cooperation across various sectors. India and Singapore have formalized four MoUs.

The first MoU, between India’s Ministry of Electronics and IT and Singapore’s Ministry of Digital Development, is focused on collaboration in digital technologies such as cybersecurity, 5G, and AI. The second MoU, with Singapore’s Ministry of Trade and Industry, aims to foster the development of a semiconductor ecosystem and attract investment. The third MoU, signed between the health ministries of both countries, promotes cooperation in healthcare and research. The fourth MoU, related to educational cooperation, supports joint efforts in skill development and vocational training.