Four Union Ministers to attend 2nd round of India-Singapore Ministerial Roundtable

New Delhi [India], August 25 (ANI): The 2nd round of the India-Singapore Ministerial Roundtable (ISMR) is scheduled to be held in Singapore on Monday, August 26.

Union Minister for Commerce and Industry Piyush Goyal will participate in the roundtable along with Minister for Finance and Corporate Affairs Nirmala Sitharaman, External Affairs Minister Subrahmanyam Jaishankar, and Minister for Railways, Information and Broadcasting, and Electronics and Information Technology Ashwini Vaishnaw.

During their visit, the Ministers will interact with their Singaporean counterparts and leadership, an official statement from the government said.

Today, the Commerce and Industry Minister Piyush Goyal will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum.

“The Minister will explore strategies to bolster bilateral trade and investment, capitalising on India’s burgeoning market opportunities and its dynamic growth trajectory,” the statement added.

India Singapore Ministerial Roundtable is a unique mechanism established to set a new agenda for India-Singapore bilateral relations.

Its inaugural meeting was held in New Delhi in September 2022. This 2nd meeting will enable both sides to review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it.

Singapore has been a major source of FDI for India.

In the year 2023-24, Singapore was the largest source of foreign direct investment (FDI) for India, with an estimated USD 11.77 billion in inflows.

The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around USD 159.94 billion. In bilateral trade, Singapore was the 6th largest global trade partner of India in 2023-24 with a total trade of USD 35.61 billion which accounts approximately 29 per cent of India’s total trade with ASEAN.