Singapore Hosts 2nd India-Singapore Ministerial Roundtable (ISMR) [Current Affairs]

In a bid to enhance strategic ties, Singapore hosted the 2nd India-Singapore Ministerial Roundtable (ISMR) on 26 August 2024. This high-level platform, established to discuss and shape bilateral relations, follows the inaugural ISMR held in New Delhi on 17 September 2022. The first meeting, attended by four senior Singaporean ministers, set the stage for a robust dialogue between the two nations.

Participants of the 2nd ISMR

The 2nd ISMR saw the participation of four senior Indian ministers and six from Singapore. India’s delegation included Finance Minister Nirmala Sitharaman, External Affairs Minister Dr. S. Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology Ashwini Vaishnaw. The Singaporean team was led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and included other key figures such as Dr. Vivian Balakrishnan, K. Shanmugam, Josephine Teo, Dr. Tan See Leng, and Chee Hong Tat.

Agenda of the 2nd ISMR

The roundtable focused on enhancing bilateral cooperation across six key areas: digitalisation, skill development, sustainability, healthcare and medicine, advanced manufacturing, and connectivity. It reviewed progress since the previous ISMR, which addressed digital connectivity, Fintech, Green Economy, Green Hydrogen, Skill Development, and Food Security, leading to various Memorandums of Understanding.

India-Singapore Economic Ties

Singapore emerged as India’s largest source of foreign direct investment (FDI) in fiscal year 2023-24, with USD 11.77 billion. Additionally, Singapore was India’s sixth-largest trade partner, with bilateral trade reaching USD 35.61 billion. As India’s largest trading partner in the ASEAN region, the trade dynamics were tilted in favor of Singapore, with India experiencing a trade deficit of USD 6.79 billion due to imports totaling USD 21.2 billion against exports of USD 14.41 billion.

Singapore : Key points

Location: Singapore is a city-state located in Southeast Asia.

Population: Diverse, with ethnic Chinese as the largest group, followed by Malays and Indians.

President: Tharman Shanmugaratnam

Prime Minister: Lawrence Wong

Capital: Singapore

Currency: Singapore Dollar