Singapore: Prime Minister Narendra Modi is currently on a significant visit to Singapore. On Thursday, PM Modi engaged with top businessmen and Chief Executive Officers (CEOs) in Singapore, highlighting the ongoing reforms in India aimed at fostering investment and innovation.
This visit marks PM Modi’s return to Singapore after six years, following an invitation from Singapore Prime Minister Lawrence Wong. During his two-day visit, PM Modi not only met with business leaders but also extended an invitation for them to visit Kashi, India.
Engaging with Business Leaders
In a social media post on ‘X’, Prime Minister Modi shared insights from his interactions with top businessmen and CEOs in Singapore. He emphasized the discussions on deepening economic relations and outlined the ongoing reforms in India designed to boost investment and innovation.
Over the past decade, India-Singapore trade has more than doubled, and mutual investments have nearly tripled, surpassing US$150 billion. This visit is crucial for India’s Act East Policy, with Singapore being India’s largest trading partner among ASEAN countries.
Inviting Investments
Prime Minister Modi appealed to the CEOs of leading Singaporean companies to invest in India. He highlighted that his government, now in its third term, has gained the people’s trust due to its effective policies. He pointed out that India’s aviation sector is among the fastest-growing globally, with Maintenance, Repair, and Overhaul (MRO) being a priority.
PM Modi encouraged businesses to invest in the development of airports in India, assuring them of predictable and progressive policies and political stability. He also emphasized India’s aggressive push in the semiconductor sector, aiming to create a comprehensive ecosystem. Notably, startups in tier 2 and tier 3 cities in India are growing rapidly, with a strong focus on skill development in line with Industry 4.0 and semiconductor needs.
Signing of Four MoUs
During the visit, Prime Minister Modi and Singapore Prime Minister Lawrence Wong signed four Memorandums of Understanding (MoUs) to enhance bilateral partnerships in various fields. These MoUs focus on digital technology, semiconductors, health and medical sectors, and educational cooperation and skill development¹²³.
The two leaders agreed to elevate their bilateral relations to a comprehensive strategic partnership, reflecting their commitment to deepening and broadening cooperation between the two nations.
