India-Singapore sign 4 MoUs in field of semiconductor, digital tech, health, education

India and Singapore have elevated their bilateral relationship to a "comprehensive strategic partnership" and signed four significant Memorandums of Understanding (MoUs) during talks between Prime Minister Narendra Modi and Singaporean counterpart Lawrence Wong. The agreements cover cooperation in the semiconductor industry, digital technologies, health and medicine, and educational cooperation and skills development.

“Singapore is not just a partner country. Singapore is an inspiration for every developing country. We too want to create many Singapores in India,” said Modi in his opening remarks.

The leaders agreed to elevate their relationship to a Comprehensive Strategic Partnership, aiming to enhance India’s Act East Policy and expand economic and investment flows between the two countries. They also discussed key regional and global issues, including India-ASEAN relations and India’s vision for the Indo-Pacific.

During the two-day visit to Singapore, Prime Minister Modi also visited Singapore’s AEM Holdings Semiconductor Facility. The Singapore Semiconductor Industry Association discussed Singapore’s semiconductor ecosystem and collaboration opportunities with India. Modi invited Singaporean semiconductor companies to the SEMICON INDIA exhibition in Greater Noida from September 11-13, 2024. Both leaders agreed to enhance bilateral cooperation by adding Advanced Manufacturing, with a focus on semiconductors, as a pillar in their partnership and signed an MoU on the India-Singapore Semiconductor Ecosystem Partnership.

Their talks focused on areas such as skilling, technology, healthcare, and AI. The leaders also discussed strengthening connectivity and accelerating green corridor projects to enhance economic and people-to-people ties. They reviewed ongoing cooperation in defence, maritime domain awareness, education, fintech, and emerging technologies.

The discussions included the outcomes of the 2nd India-Singapore Ministerial Roundtable held in August 2024, which led to the signing of four MoUs. Prime Minister Modi extended an invitation to Prime Minister Wong to visit India, which was accepted.

According to the latest data from the Department of Commerce, total trade between Singapore and India reached ₹29,494,037.63 lakh. Recognising the strong progress in their economic ties, the leaders emphasised the need to further expand trade and investment flows between the two nations.

“Our trade has more than doubled in the last ten years. Mutual investment has increased almost three times to cross $150 billion. Singapore was the first country with which we launched the Person-to-Person payment facility of UPI. In the last ten years, 17 satellites of Singapore have been launched from India,” Modi said in an opening statement.

The leaders also discussed the celebration of the 60th anniversary of bilateral relations in 2025. India’s first Thiruvalluvar Cultural Centre will soon be opened in Singapore, PM Modi announced today. Singapore’s Indian-origin diaspora, totalling 3.5 lakh, underscores the importance of strengthening cultural and historical links between the two nations.

The meeting between the two countries’ heads follows Wong’s recent appointment and Modi’s start of his third term. During his visit, Modi also met other senior ministers, including former PM Lee Hsien Loong.

“We had a great discussion on how our nations can work together in futuristic areas such as green energy, FinTech, etc,” PM Modi said in a post on X after meeting Loong.