Context
India and Singapore enhanced their relations with the signing of 4 Memorandum of Understanding (MoU) during Prime Minister Narendra Modi’s visit to Singapore.
Key Highlights
- Digital Technologies: It covers digital technologies, along with cybersecurity, 5G, splendid-computing, quantum computing, and AI, and makes a speciality of upskilling and reskilling people.
- Semiconductor Ecosystem: It includes cooperation in semiconductor cluster improvement and skills cultivation.
- It aims to facilitate investment via Singaporean agencies in India’s semiconductor sector.
- Health Cooperation: It specializes in joint research, innovation, and human useful resource development in healthcare and prescription drugs.
- It also aims to promote Indian healthcare professionals in Singapore.
- Skill Development: It aims instructional cooperation and technical/vocational schooling, enhancing ongoing skill improvement tasks.
India – Singapore Relations
- Historical : Strong industrial, cultural, and people-to-people links dating again over a millennium.
- Modern ties related to Sir Stamford Raffles establishing a trading station in 1819.
- India recognized Singapore soon after its independence in 1965.
- Strategic : India-Singapore relations had been accelerated to Strategic Partnership during the visit of Prime Minister Narendra Modi to Singapore in 2015.
- High-Level Exchanges: PM Modi’s visits in 2018 and 2022 marked significant milestones, which include keynote addresses at principal events.
- Singapore PM Lee Hsien Loong’s visits to India protected Republic Day celebrations and the G20 Leaders’ Summit.
- India-Singapore Ministerial Roundtable (ISMR): Inaugural ISMR in 2022 focused on virtual connectivity, Fintech, inexperienced financial system, and different regions.
- Second ISMR in 2024 delivered new pillars like Advanced Manufacturing and Connectivity.
- Trade and Economic Cooperation: Singapore is India’s largest alternate associate in ASEAN. It is the leading source of FDI, amongst the most important sources of External Commercial Borrowings and Foreign Portfolio Investment.
- Bilateral trade between the 2 nations grew substantially from USD 6.7 billion in FY 2004-05 to USD 35.6 billion in FY 2023-24.
- Singapore ranks as India’s 6th biggest change associate, accounting for 3.2% of India’s general trade. In FY 2023-24, India’s imports from Singapore were USD 21.2 billion (a 10.2% low from the previous year), even as exports to Singapore reached USD 14.4 billion (a 20.2% growth from the preceding year).
- Fintech: Initiatives including the UPI-PayNow linkage, RuPay card acceptance, and other pass-border Fintech tendencies.
- Science & Technology Cooperation: ISRO has released numerous Singaporean satellites.
- Collaborative efforts in virtual fitness and clinical technologies.
- Cultural Cooperation: Regular exchanges in acting arts, theatre, and different cultural spheres.
- Multilateral Cooperation: Singapore has joined global initiatives like the International Solar Alliance and Global Biofuel Alliance.
- Both nations are part of multilateral agencies along with IORA, NAM, and the Commonwealth.
- Indian Community: Indians make up about 9.1% of Singapore’s resident populace and 21% of foreign citizens.
- Significant Indian diaspora with high concentrations of IIT and IIM alumni.
Importance
- India’s relationship with ASEAN has grown significantly, with a specific emphasis on Singapore, one of the most dynamic countries in the region.
- The India-Singapore relations are grounded in mutual appreciation and belief, with a diverse and mature cooperation that gives a strong base for further development.
- Singapore has a valuable function in India’s “Look East” and “Act East” policies, specifically in safety, connectivity, era, and sustainability.
- The India-Singapore partnership will enable us to beautify financial cooperation, foster mutual increase and address destiny challenges together.
Future Outlook
- The time is right for India and Singapore to elevate their bilateral relationship, reflecting present day international and national realities.
- The India-Singapore partnership is set to beautify economic cooperation, mutual increase, and address destiny challenges together.
- There is the want to cognizance of future technology consisting of semiconductors, inexperienced technologies, and electric mobility, and to collaboratively address connectivity and power demanding situations.
- Rapid technological innovations necessitate new competencies. India and Singapore can collaborate on designing and enforcing joint talent development programs.
Source: The Hindu