Singapore ready with massive investment plans in India going ahead, says Piyush Goyal

Piyush Goyal

Singapore has already invested about $150 billion in India (about Rs 12 lakh crore) and the city-state is ready to invest probably five times that amount in the coming years, Union Commerce and Industry Minister Piyush Goyal said on September 5.

He also said that India and the four-nation European bloc EFTA have signed a free trade agreement, under which New Delhi has received an investment commitment of $100 billion over the next 15 years.

These investments will come in states and they have to take advantage of this, Goyal said in New Delhi while addressing state industry ministers and senior officials.

"Today the world wants to invest in India. Everybody wants to come to India. Singapore has already invested about $150 billion (about Rs 12 lakh crore) in India. They are ready to invest probably five times that amount in the coming years," he said.

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Goyal urged the states to change their mindset, reduce compliance burden and decriminalise laws, and provide real red carpet to attract these investments.

"All investors are looking at India…the Centre is there to support you. We do not discriminate between states…we are setting up 12 industrial townships," Goyal said.

Singapore and India have signed a memorandum of understanding to partner and cooperate in the field of semiconductor ecosystem, the Singaporean government said on Thursday.

The memorandum of understanding (MoU) was exchanged in the presence of Prime Minister Narendra Modi and Singaporean Prime Minister Lawrence Wong during his visit to Singapore.

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

In that meeting, 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.

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During April 2000-June 2024, India received foreign direct investments worth $163.85 billion. It accounts for 23.57 percent of FDI which India has received during this period.

(With PTI inputs)