India and Singapore sign pacts for cooperation in Semiconductors, Digital Technologies, Skill Development and Healthcare
India and Singapore decided to elevate their ties to a Comprehensive Strategic Partnership as Indian Prime Minister Narendra Modi marked a productive visit on September 4-5, 2024. The decision, which is set to give a major boost to India’s ‘Look East’ policy, was announced during talks between Prime Minister Modi and Singapore Prime Minister Lawrence Wong on Thursday (September 5, 2024) after the two leaders reviewed the progress of India – Singapore bilateral relations. 
 
A significant development during Prime Minister Modi’s visit was the exchange of Memorandums of Understanding (MoUs) for cooperation in Semiconductors, Digital Technologies, Skill Development and Healthcare. These are the outcomes of the deliberations during the two rounds of India-Singapore Ministerial Roundtables held so far.
 
“The discussions with my friend, PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations,” Prime Minister Modi posted on social media platform X.
 
During their talks, the Prime Ministers discussed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, Fintech, new technology domains, science and technology and knowledge partnership, India’s Ministry of External Affairs (MEA) said. “The two leaders called for strengthening connectivity between the countries to enhance economic and people-to-people ties. They also called for acceleration in green corridor projects,” the MEA added.
 
Prime Minister Modi and Prime Minister Wong also took stock of the robust progress in economic ties, the leaders called for further expanding trade and investment flows between the two countries. Prime Minister Modi highlighted that Singapore, with an investment of around USD 160 billion in the Indian economy, is a leading economic partner for India. 
 
Speaking at the meeting, he described Singapore as an “important facilitator” of India’s Act East policy and said, “Our shared belief in democratic values connects us with each other. I am delighted to have the opportunity to visit Singapore at the beginning of my third term”. He also suggested collaboration on an action plan to celebrate the 60th anniversary of the India-Singapore relationship in 2025.
 
Prime Minister Modi highlighted that the India-Singapore strategic partnership is completing a decade and went on to list some major achievements:
 
1. Over the past ten years, bilateral trade has more than doubled. 
2. Mutual investment has increased almost threefold to cross USD 150 billion. 
3. Singapore was the first country with which India launched the UPI Person-to-Person payment facility.
4. In the past ten years, 17 satellites of Singapore have been launched from Indian soil. 
5. Bilateral cooperation has gained momentum from skilling to the defence sector.
6. The agreement between Singapore Airlines and Air India has strengthened connectivity.
 
Prime Minister Modi and Prime Minister Wong also discussed the outcome of the 2nd India – Singapore Ministerial Roundtable held in Singapore in August 2024. Noting that the Ministerial Roundtable is a unique mechanism, the leaders appreciated the work done by senior ministers from both sides in deliberating and identifying a new agenda for bilateral cooperation. 
 
They called for an accelerated action under the pillars of cooperation identified during the Ministerial Roundtables - Advanced Manufacturing, Connectivity, Digitalization, Healthcare & Medicine, Skills Development and Sustainability. “The leaders underscored that the cooperation under these pillars, particularly in the areas of semiconductors and critical and emerging technologies, opens a new chapter in bilateral relations making ties future oriented,” the MEA said.
 
During his visit, Prime Minister Modi met Senior Minister and former Prime Minister of Singapore. He appreciated Senior Minister Lee’s contributions to the development of India – Singapore Strategic Partnership and expressed his hope that Senior Minister Lee will continue to give attention and guidance to Singapore’s relations with India in his new role as Senior Minister.

Recalling their earlier meetings, Prime Minister Modi and Senior Minister Lee expressed satisfaction at the progress of India – Singapore relations into a Comprehensive Strategic Partnership, the MEA said.
 
“It is always gladdening to meet my friend and former PM of Singapore, Mr. Lee Hsien Loong. He has always been a strong votary of close India-Singapore ties. His insights on various matters are also very enriching. We had a great discussion on how our nations can work together in futuristic areas such as green energy, FinTech, etc.  @leehsienloong,” Prime Minister Modi posted on X.