India and Singapore have announced a commitment to enhance their cooperation in key emerging and futuristic sectors. The announcement came during a recent meeting where Indian Finance Minister Nirmala Sitharaman and Singapore's Deputy Prime Minister Gan Kim Yong led their respective delegations.

The discussions focused on six key areas identified under the India-Singapore Ministerial Roundtable (ISMR). These areas include Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, Advanced Manufacturing, and Connectivity. The leaders emphasized expanding collaboration in these sectors to foster growth and innovation.

The two nations also outlined plans to celebrate the 60th anniversary of their diplomatic relations. Additionally, they discussed regional and global cooperation, including developments related to ASEAN and G20.

The first round of ISMR discussions led to successful agreements in various fields, such as healthcare, education, skill development, digital cooperation, and semiconductor ecosystems.

Key figures present at the meeting included External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Railway Minister Ashwini Vaishnaw. ISMR, established to advance India-Singapore bilateral relations, held its inaugural session in New Delhi in September 2022. This latest meeting was an opportunity to review and expand the strategic partnership.

Singapore remains a significant source of foreign direct investment (FDI) for India. In the fiscal year 2023-24, Singapore topped the list of FDI sources with USD 11.77 billion invested in Indian markets. Since April 2000, Singapore's cumulative FDI inflow into India has reached USD 159.94 billion.

In terms of bilateral trade, Singapore was India’s sixth-largest global trade partner in 2023-24, with a total trade volume of USD 35.61 billion, representing approximately 29% of India's trade with ASEAN countries.

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