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During the interaction, Prime Minister Modi acknowledged the crucial role played by Singaporean industry leaders
During his two-day visit to Singapore on September 4-5, 2024, Indian Prime Minister Narendra Modi engaged with a group of prominent Singaporean CEOs from various sectors, including infrastructure, manufacturing, energy, sustainability, and logistics. The business roundtable, held on September 5,
and attended by key figures from Singapore's economic landscape, served as a platform to deepen economic collaboration between India and Singapore, two countries with a shared history of strong economic and political relations.
In addition to business leaders, the event was graced by Singapore's Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam. The interaction focused on exploring investment opportunities in India, facilitating Singaporean companies’ involvement in India’s growing economy, and identifying areas where the two countries could collaborate on emerging technologies and infrastructure development.
Prime Minister Modi’s visit to Singapore highlighted the growing significance of India-Singapore relations. The elevation of their bilateral ties to a Comprehensive Strategic Partnership has provided a strong framework for advancing economic cooperation. During the interaction, Prime Minister Modi acknowledged the crucial role played by Singaporean industry leaders in boosting bilateral relations and praised their investment footprint in India. To further strengthen these ties, he announced the establishment of an Invest India office in Singapore, which will act as a bridge for Singaporean companies looking to enter or expand in the Indian market.
Singapore has long been a reliable partner for India, and this partnership has yielded significant investments and trade. Over the years, Singapore has been one of India’s top foreign investors, with companies across diverse sectors establishing a solid presence in the country. The announcement of the Invest India office in Singapore is expected to streamline investments and provide more efficient support for Singaporean companies, ensuring they can tap into India’s vast market potential.
Prime Minister Modi highlighted India’s economic transformation over the past decade, noting the country’s remarkable progress in achieving political stability, policy predictability, and a business-friendly environment. These factors have contributed to making India one of the most attractive destinations for global investors. India is set to become the third-largest economy in the world in the coming years, supported by its skilled workforce, expansive market, and reform-oriented economic policies.
During the interaction, the Prime Minister underscored India's contribution to global economic growth, with the country accounting for 17% of global growth. He emphasized India’s initiatives to strengthen its position in global value chains, including the Production Linked Incentive (PLI) Scheme, the India Semiconductor Mission, and the establishment of 12 new Industrial Smart Cities. These programs are designed to enhance India’s manufacturing capabilities and foster innovation, making the country a crucial player in industries like electronics, semiconductors, and renewable energy.
Prime Minister Modi also highlighted India’s focus on skill development, urging Singaporean business leaders to explore opportunities for collaboration in this area. As businesses seek resilient and diversified supply chains, India presents itself as the ideal destination for investments due to its reliable infrastructure, skilled labor, and growing market demand.
A significant portion of the discussions revolved around infrastructure development, a critical component of India’s economic agenda. Prime Minister Modi assured the Singaporean CEOs that his government would accelerate the pace and scale of infrastructure development during his third term in office. India’s ambitious infrastructure projects, including those in railways, roads, ports, civil aviation, and industrial parks, were highlighted as areas where Singaporean companies could make meaningful investments.
Moreover, with digital connectivity becoming a cornerstone of modern economies, Prime Minister Modi invited Singaporean business leaders to consider opportunities in this sector. India’s rapidly growing digital infrastructure presents new opportunities for collaborations in areas such as data centers, cloud computing, and cybersecurity. As the world becomes increasingly interconnected, both India and Singapore stand to benefit from enhanced digital partnerships.
The business roundtable brought together some of Singapore’s most influential corporate leaders, showcasing the diversity and strength of Singapore’s business ecosystem. Key participants included:
Lim Ming Yan, Chairman of the Singapore Business Federation
Gautam Banerjee, Chairman of the India & South Asia Business Group, and Senior Managing Director and Chairman of Blackstone Singapore
Lim Boon Heng, Chairman of Temasek Holdings
Lim Chow Kiat, CEO of GIC Private Limited
Piyush Gupta, CEO and Director of DBS Group
Goh Choon Phong, CEO of Singapore Airlines
Lee Chee Koon, Group CEO of CapitaLand Investment
Kerry Mok, CEO of SATS Limited
These business leaders represent sectors ranging from finance to logistics, real estate, and telecommunications.
One of the key outcomes of Prime Minister Modi’s visit to Singapore was the signing of an agreement to cooperate on semiconductors, a critical sector for the future of global technology. India has been working to build its semiconductor manufacturing capacity, and the agreement with Singapore will help the country tap into Singapore’s well-established semiconductor ecosystem. Singapore accounts for 11% of the global semiconductor market and produces 20% of the world’s semiconductor equipment. This partnership is expected to bolster India’s efforts to develop a resilient semiconductor supply chain.
The partnership will include government-led policy exchanges on ecosystem development, workforce training, and supply chain resilience. India’s $10 billion package to boost its semiconductor industry is expected to help the country compete with global chip-making leaders like Taiwan, with the Indian semiconductor market projected to be worth $63 billion by 2026. The agreement with Singapore is a step forward in positioning India as a major player in the global semiconductor industry.
Prime Minister Modi’s interaction with Singaporean business leaders showcased the deep and growing economic relationship between India and Singapore. With shared goals of economic growth, technological innovation, and sustainable development, both countries are well-positioned to continue building on their strong ties.
As India embarks on the next phase of its economic journey, the collaboration with Singaporean companies will play a pivotal role in driving innovation and growth across multiple sectors. The Comprehensive Strategic Partnership, coupled with the establishment of the Invest India office in Singapore, sets the stage for a new era of economic cooperation, ensuring that both countries benefit from each other’s strengths and contribute to the global economy.
In his closing remarks, Prime Minister Modi extended an invitation to Singaporean business leaders to further explore investment opportunities in India. With its robust economic framework, growing market, and focus on innovation, India offers unparalleled opportunities for Singaporean companies looking to expand their global footprint. The future of India-Singapore economic relations looks brighter than ever, with both nations poised to achieve new heights in the years to come.
and attended by key figures from Singapore's economic landscape, served as a platform to deepen economic collaboration between India and Singapore, two countries with a shared history of strong economic and political relations.
In addition to business leaders, the event was graced by Singapore's Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam. The interaction focused on exploring investment opportunities in India, facilitating Singaporean companies’ involvement in India’s growing economy, and identifying areas where the two countries could collaborate on emerging technologies and infrastructure development.
Prime Minister Modi’s visit to Singapore highlighted the growing significance of India-Singapore relations. The elevation of their bilateral ties to a Comprehensive Strategic Partnership has provided a strong framework for advancing economic cooperation. During the interaction, Prime Minister Modi acknowledged the crucial role played by Singaporean industry leaders in boosting bilateral relations and praised their investment footprint in India. To further strengthen these ties, he announced the establishment of an Invest India office in Singapore, which will act as a bridge for Singaporean companies looking to enter or expand in the Indian market.
Singapore has long been a reliable partner for India, and this partnership has yielded significant investments and trade. Over the years, Singapore has been one of India’s top foreign investors, with companies across diverse sectors establishing a solid presence in the country. The announcement of the Invest India office in Singapore is expected to streamline investments and provide more efficient support for Singaporean companies, ensuring they can tap into India’s vast market potential.
Prime Minister Modi highlighted India’s economic transformation over the past decade, noting the country’s remarkable progress in achieving political stability, policy predictability, and a business-friendly environment. These factors have contributed to making India one of the most attractive destinations for global investors. India is set to become the third-largest economy in the world in the coming years, supported by its skilled workforce, expansive market, and reform-oriented economic policies.
During the interaction, the Prime Minister underscored India's contribution to global economic growth, with the country accounting for 17% of global growth. He emphasized India’s initiatives to strengthen its position in global value chains, including the Production Linked Incentive (PLI) Scheme, the India Semiconductor Mission, and the establishment of 12 new Industrial Smart Cities. These programs are designed to enhance India’s manufacturing capabilities and foster innovation, making the country a crucial player in industries like electronics, semiconductors, and renewable energy.
Prime Minister Modi also highlighted India’s focus on skill development, urging Singaporean business leaders to explore opportunities for collaboration in this area. As businesses seek resilient and diversified supply chains, India presents itself as the ideal destination for investments due to its reliable infrastructure, skilled labor, and growing market demand.
A significant portion of the discussions revolved around infrastructure development, a critical component of India’s economic agenda. Prime Minister Modi assured the Singaporean CEOs that his government would accelerate the pace and scale of infrastructure development during his third term in office. India’s ambitious infrastructure projects, including those in railways, roads, ports, civil aviation, and industrial parks, were highlighted as areas where Singaporean companies could make meaningful investments.
Moreover, with digital connectivity becoming a cornerstone of modern economies, Prime Minister Modi invited Singaporean business leaders to consider opportunities in this sector. India’s rapidly growing digital infrastructure presents new opportunities for collaborations in areas such as data centers, cloud computing, and cybersecurity. As the world becomes increasingly interconnected, both India and Singapore stand to benefit from enhanced digital partnerships.
The business roundtable brought together some of Singapore’s most influential corporate leaders, showcasing the diversity and strength of Singapore’s business ecosystem. Key participants included:
Lim Ming Yan, Chairman of the Singapore Business Federation
Gautam Banerjee, Chairman of the India & South Asia Business Group, and Senior Managing Director and Chairman of Blackstone Singapore
Lim Boon Heng, Chairman of Temasek Holdings
Lim Chow Kiat, CEO of GIC Private Limited
Piyush Gupta, CEO and Director of DBS Group
Goh Choon Phong, CEO of Singapore Airlines
Lee Chee Koon, Group CEO of CapitaLand Investment
Kerry Mok, CEO of SATS Limited
These business leaders represent sectors ranging from finance to logistics, real estate, and telecommunications.
One of the key outcomes of Prime Minister Modi’s visit to Singapore was the signing of an agreement to cooperate on semiconductors, a critical sector for the future of global technology. India has been working to build its semiconductor manufacturing capacity, and the agreement with Singapore will help the country tap into Singapore’s well-established semiconductor ecosystem. Singapore accounts for 11% of the global semiconductor market and produces 20% of the world’s semiconductor equipment. This partnership is expected to bolster India’s efforts to develop a resilient semiconductor supply chain.
The partnership will include government-led policy exchanges on ecosystem development, workforce training, and supply chain resilience. India’s $10 billion package to boost its semiconductor industry is expected to help the country compete with global chip-making leaders like Taiwan, with the Indian semiconductor market projected to be worth $63 billion by 2026. The agreement with Singapore is a step forward in positioning India as a major player in the global semiconductor industry.
Prime Minister Modi’s interaction with Singaporean business leaders showcased the deep and growing economic relationship between India and Singapore. With shared goals of economic growth, technological innovation, and sustainable development, both countries are well-positioned to continue building on their strong ties.
As India embarks on the next phase of its economic journey, the collaboration with Singaporean companies will play a pivotal role in driving innovation and growth across multiple sectors. The Comprehensive Strategic Partnership, coupled with the establishment of the Invest India office in Singapore, sets the stage for a new era of economic cooperation, ensuring that both countries benefit from each other’s strengths and contribute to the global economy.
In his closing remarks, Prime Minister Modi extended an invitation to Singaporean business leaders to further explore investment opportunities in India. With its robust economic framework, growing market, and focus on innovation, India offers unparalleled opportunities for Singaporean companies looking to expand their global footprint. The future of India-Singapore economic relations looks brighter than ever, with both nations poised to achieve new heights in the years to come.
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