Wed, 10 Aug 2022

Singapore [Singapore], July 6 (ANI): External Affairs Minister Dr. S Jaishankar on Wednesday met with Singapore's Deputy Prime Minister Lawrence Wong in the island country and held discussions on boosting bilateral relationships along with sharing views on the global situation.

Taking to Twitter, Jaishankar wrote, "Glad to meet Deputy Prime Minister and Finance Minister Lawrence Wong in Singapore. A good discussion on taking our bilateral partnership to the next level. Also exchanged views on the global, political and economic situation."India-Singapore relations are based on shared values and approaches, economic opportunities, and convergence of interests on key issues. Political engagement is regular. The defense relations are particularly strong. Economic and technological ties are extensive and growing.

Additionally, the cultural and human links between both nations are very vibrant. There are more than 20 regular bilateral mechanisms, dialogues, and exercises. There is a great convergence on a broad range of international issues and both are members of a number of forums, including the East Asia Summit, G20, Commonwealth, IORA (Indian Ocean Rim Association) and IONS (Indian Ocean Naval Symposium).

Singapore is India's 6th largest trade partner (2020-21) with a share of 3.2 per cent of India's overall trade. In 2021-22 (April - September 2021) bilateral trade stood at USD 14.2 billion.

In 2020-21, bilateral trade stood at USD 21.98 billion. The cumulative FDI inflows from Singapore to India stood at USD 118.39 billion (April 2000 -June 2021) which is 22 pc of total FDI inflows in India. Singapore was the largest source of FDI in India in 2018-19, 2019-20, and 2020-21.

During the second wave of the pandemic, Singapore's position as a logistic hub enabled both the public and private sector to source emergency relief supplies such as oxygen- tanks, cylinders, concentrators, ventilators among others from Singapore to India. Till the end of June 2021, 26 Indian Air Force sorties and 4 Indian Navy Ships transported substantial quantities of these items from Singapore to IndiaThe close ties between India and Singapore have a history rooted in strong commercial, cultural and people-to-people links across a millennium.

India and Singapore added new momentum and direction to their Strategic Partnership in 2018, anchored in the official visit of Prime Minister Narendra Modi to Singapore from May 31 to June 2, and his second visit on November 14-15 for attending the ASEAN-India and related Summits.

Prime Minister Modi became the first Indian PM to deliver the keynote address at the annual Shangri La Dialogue on June 1, 2018. He outlined India's vision of the Indo-Pacific region and reflected India's commitment to promoting peace and stability in the region.

When PM Modi visited in November 2018 to participate in the multilateral Summits, he also became the first Head of Government to deliver the keynote address at the Singapore Fintech Festival, world's largest Fintech event.

He projected India's success in financial inclusiondigitalization as a means for economic progress and empowerment. PM Modi also launched a global digital platform, APIX, to connect fintech companies and banks, starting with India and ASEAN. (ANI)

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