Union Commerce Minister Piyush Goyal termed his visit to Singapore "highly productive" on Sunday as he was exposed to leaders of top global investment firms handling assets above $500 billion. Goyal had visited in preparation for the second 'India Singapore Ministerial Roundtable' scheduled for Monday.
In a visit, Goyal has met and discussed with big global corporate leaders, including Temasek Holdings, DBS Bank, OMERS, Keppel Infrastructure, and TVS Motor Company, among many others. He showcased India as an attractive investment destination and invited these multinationals to be a part of India's growth story, according to his update on X.
The meetings were oriented towards discussing and improving the investment potential between the two nations where mutual growth and cross-sectoral collaboration took precedence. As per the Ministry of Commerce and Industry, the discussions zeroed in on scaling up investments, in particular in the SME sector; measures for making the climate more investment-friendly in India; support for sustainable development by decarbonization; and spotting synergies for family-owned businesses in a fast-changing global environment.
Further, Goyal visited the Institute of Technical Education Headquarters and ITE College Central in Singapore with an aim to explore potential cooperation opportunities for promoting cutting-edge educational environments. He further toured the Aerospace and Smart Manufacturing Hubs to get firsthand information on the philosophy of continuing education and skill development underway.
Singapore has emerged as an important foreign direct investment source for India, with the country turning out to be the largest source of FDI in the 2023-24 fiscal year with a contribution of about $11.77 billion. In terms of bilateral trade, Singapore emerged as the sixth-largest global trading partner of India in 2023-24, pegged at $35.61 billion in terms of total trade volume. Apart from Goyal, External Affairs Minister S. Jaishankar, Finance Minister Nirmala Sitharaman, and Railway Minister Ashwini Vaishnaw will also be participating in the ISMR, where, according to officials, they will engage with their Singaporean counterparts and have meetings with the Singaporean leadership.
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