New Delhi [India], August 12 (ANI): India is set to host the third India-Singapore Ministerial Roundtable (ISMR) on August 13, continuing a high-level platform established to deepen bilateral cooperation and explore mutually beneficial collaboration in new and emerging areas, according to an official factsheet. This platform was created to also address challenges posed by geopolitical and macroeconomic developments while enhancing mutual trust and understanding.

The ISMR began with its inaugural meeting in New Delhi on September 17, 2022, and held its second session in Singapore on August 26, 2024. Since then, it has evolved with a refreshed agenda and expanded involvement from key persons on both sides. This progression highlights the growing importance both countries place on this regular institutionalised forum.

Good progress has been made across six key areas of collaboration under ISMR: sustainability, digitalisation, skills development, healthcare and medicine, advanced manufacturing, and connectivity. The upcoming third ISMR will build on this foundation, aiming to review bilateral collaboration progress since the last meeting and explore opportunities to deepen cooperation across these pillars.

The roundtable will see strong representation from both nations. Singapore will be represented by Deputy Prime Minister and Minister for Trade & Industry Gan Kim Yong; Coordinating Minister for National Security and Minister for Home Affairs K Shanmugam; Minister for Foreign Affairs Vivian Balakrishnan; Minister for Digital Development and Information Josephine Teo; Minister for Manpower and Minister in charge of Energy, Science and Technology Tan See Leng; and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow. India's delegation will include Minister of Finance and Corporate Affairs Nirmala Sitharaman; Minister of External Affairs S Jaishankar; Minister of Commerce and Industry Piyush Goyal; and Minister of Electronics and Information Technology, Railways, and Information and Broadcasting Ashwini Vaishnaw.

This third ISMR continues the momentum of high-level visits and exchanges between India and Singapore, marking the 60th anniversary of diplomatic relations in 2025. The milestone signals the significance both countries place on their bilateral relations and joint commitment to growing collaboration for mutual benefit.

Singapore-India relations have grown deep and broad-based over six decades. The year 2025 also marks the 10th anniversary of the Strategic Partnership between the two nations. Earlier this year, Singapore President Tharman Shanmugaratnam made a State Visit to India, meeting key Indian leaders including President Droupadi Murmu and Prime Minister Narendra Modi. In turn, Prime Minister Modi made an Official Visit to Singapore in September 2024, engaging with Singapore's President and Prime Minister as well as other leaders.

During PM Modi's Official Visit, the two countries agreed to elevate their relations to a Comprehensive Strategic Partnership, further reflecting their expanding ties.

The economic partnership between Singapore and India is a pillar of their relations, anchored by the Comprehensive Economic Cooperation Agreement (CECA) signed in 2005. Bilateral trade has grown substantially, increasing approximately 2.5 times from S$20 billion in 2005 to S$52.2 billion in 2023.

Singapore has emerged as India's top foreign investor, accounting for around 24% of India's foreign direct investment equity inflows since 2000. Likewise, Indian investments in Singapore have grown impressively, rising from S$481 million in 2004 to approximately S$31.6 billion in 2023.

Singapore companies are actively engaged in India's growing sectors such as manufacturing, sustainability, data centres, and technology innovation. Moreover, Singapore serves as the regional headquarters for many Indian start-ups, particularly in fintech and healthtech, demonstrating a thriving cross-border entrepreneurial ecosystem.

In sustainability, both countries collaborate on next-generation industrial parks designed to promote economic growth alongside sustainable, low-carbon development. This effort includes a jointly developed Framework for 'Net Zero Industrial Parks' with the Tamil Nadu government, launched in June 2025.

The digitalisation pillar has also witnessed significant developments. In February 2023, the Monetary Authority of Singapore and the Reserve Bank of India launched a real-time payments linkage between Singapore's PayNow and India's Unified Payments Interface (UPI), enabling instant fund transfers across participating banks and e-wallets.

Capital market cooperation advanced through the NSE-SGX GIFT Connect, a derivatives trading linkage established in Gujarat International Finance Tec-City, marking the first such partnership between Singapore and India. Building on this, both countries are keen to explore collaboration in cross-border data flows via a pilot data corridor in GIFT City.

Cybersecurity collaboration has strengthened as well. The first India-Singapore Cyber Policy Dialogue took place in October 2024 during Singapore International Cyber Week, where respective Cyber Security Agencies exchanged views on national strategies and cooperation frameworks.

Skills development remains a key priority. Singapore's Institute of Technical Education Services (ITEES) has established five skills centres in India and is expanding partnerships with the Odisha and Assam governments to enhance training in semiconductors, aerospace, AI, and capacity-building programmes like train-the-trainer initiatives.

To further this effort, a Joint Flagship Programme for Skills Training is being set up, focusing on sectors of strategic interest to both countries with close private sector collaboration to ensure relevance to industry needs.

In advanced manufacturing, cooperation continues to grow, particularly in semiconductor manufacturing. The India-Singapore Semiconductor Ecosystem Partnership MOU, signed during Prime Minister Modi's visit in September 2024, promotes government-led exchanges on ecosystem development, supply chain resilience, and workforce growth. This partnership supports India's expanding semiconductor sector and Singapore ecosystem players' participation in the Indian market.

Connectivity forms another vital pillar. Singapore's PSA has been operating four maritime terminals in India for over 25 years, and Singapore Airlines owns a 25.1% stake in Air India. SIA Engineering plans to collaborate with Air India to develop maintenance, repair, and overhaul facilities to support the growing Air India fleet.

Both countries are also working towards establishing a Green and Digital Shipping Corridor to facilitate sustainable shipping and promote green fuel trade.

Together, the third India-Singapore Ministerial Roundtable will reinforce the strategic partnership between the two nations and advance cooperation across diverse sectors, strengthening mutual growth and prosperity. (ANI)