India-Singapore Sign 4 MoUs to Deepen Economic Ties

Prime Minister Narendra Modi on Thursday met the political head of Singapore, Lawrence Wong. The leaders of the two countries signed four MoUs to strengthen the economic ties in four sectors, including semiconductors, digital technologies, skill development, and healthcare. 

“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,” said the PMO in a press release on September 5. 

The four MoUs signed will help in the expansion of trade and investment flows between the two countries. Additionally, Modi highlighted that Singapore is a “leading economic partner for India,” with nearly $160 billion investment in the Indian economy. 

PM Modi, in his Singapore trip, is accompanied by the minister of external affairs S. Jaishankar and national security advisor Ajit Doval. The trip is crucial for India as it will give a major boost to India’s Act East Policy. The Act East Policy was announced in 2014, as a diplomatic initiative to promote economic, strategic and cultural relations with countries in Asia-Pacific region.

“At their talks, both leaders reviewed the progress of India- Singapore bilateral relations. Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a comprehensive strategic partnership,” said the PMO. 

Apart from signing MoUs in new areas, the leaders of the countries also reviewed existing ones in the fields of defence and security, maritime domain awareness, education, AI, fintech, new technology domains, science and technology and knowledge partnership. 

As the Indian economy is making gradual shifts to a green economy, the two heads talked about acceleration in green corridor projects. 

The in-depth discussion held between Modi and Wong wasn’t just confined to strengthening economic cooperation, the two talked about cultural ties between the two countries. Modi announced that India’s first Thiruvalluvar Cultural Centre would be opened in Singapore. 

Moreover, regional and global issues of mutual interest, “including India-ASEAN relations and India’s vision for the Indo-Pacific," were part of discussion between the leaders.