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Singapore-India bolster cooperation partnership for sustainability, digital technologies, advanced manufacturing, and connectivity
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Singapore and India sign cooperation MOU to support India’s growing semiconductor industry
- India PM Minister Narendra Modi concludes his latest visit to Singapore, the leading digital power of Asia
- We are also upgrading the Singapore-India Strategic Partnership to a Comprehensive Strategic Partnership: Singapore Prime Minister Lawrence Wong
- My visit to Singapore has been a very fruitful one. It will certainly add vigour to bilateral ties and benefit the people of our nations. I thank the government and people of Singapore for their warmth, Indian PM.
By: Muhammad Arif, Editor NSN.Asia
SINGAPORE: Singapore and India have exchanged a Memorandum of Understanding (MOU) to accelerate their bilateral cooperation in the semiconductor industry and digital technologies as India PM Minister Narendra Modi concludes his latest visit to Singapore, the leading digital power of Asia.
According to official sources, Singapore and India cooperation MOU “aims to support India’s growing semiconductor industry while facilitating Singapore’s ecosystem of semiconductor companies and related supply chains to participate in the fast-growing Indian market”, said the Ministry of Trade and Industry in a press release on Thursday.
The cooperation MOU ceremony was witnessed by the two prime ministers, Mr Lawrence Wong and Mr Narendra Modi, on the final day of the Mr Modi’s latest visit to Singapore. It’s his fifth since taking office 10 years ago.
Indian Prime Minister Narendra arrived in Singapore for two-day visit on Wednesday, Singapore’s government said.
The MOU was earlier signed by Singapore Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, and India Minister of Electronics and Information Technology Ashwini Vaishnaw during the India-Singapore Ministerial Roundtable on Aug 26.
“India aims to establish itself as a global node for semiconductor manufacturing, driven by strong domestic demand in the electronics, electric vehicles, and manufacturing sectors,” said MTI.
“Singapore’s established semiconductor ecosystem has produced a strong cluster of semiconductor companies which are keen to participate in the growth of India’s semiconductor industry.”
With the MOU, Singapore and India will leverage each other’s strengths in the semiconductor industry and build their supply chains, which include government-led policy exchanges on ecosystem development, supply chain resilience and workforce development, said MTI.
MTI and India’s Ministry of Electronics and Information Technology will establish a policy dialogue to facilitate discussions, oversee the implementation of the areas of collaboration, and exchange best practices.
A parallel business-to-business cooperation forum will also be established and led by Enterprise Singapore and the India Semiconductor Mission to encourage more private-sector partnerships between both countries.
In a Facebook post, Singapore Prime Minister Lawrence Wong said he had a “productive meeting” with his Indian counterpart on Thursday, as they set out a “forward-looking agenda” for the next stage of bilateral relations.
“We are also upgrading the Singapore-India Strategic Partnership to a Comprehensive Strategic Partnership,” he said.
“This is a timely move as we expand our partnership in new and mutually beneficial areas, and celebrate 60 years of diplomatic relations and the 10th anniversary of our Strategic Partnership next year.
“We look forward to strengthening our ties and creating new opportunities for our peoples.”
On Thursday, Mr Modi received a ceremonial welcome at Parliament House.
He also called on President Tharman Shanmugaratnam, and met Senior Minister Lee Hsien Loong and Emeritus Senior Minister Goh Chok Tong.
Mr Modi and Mr Tharman reaffirmed the longstanding relationship between both countries, and discussed India’s potential as a “leading centre of growth over the next decade, driven by both social and digital investments across the wide span of its population, as well as its new economic linkages”.
“They also discussed the potential for India and ASEAN to complement each other’s growth and build stronger supply chain linkages,” said MFA.
Mr Modi also congratulated Mr Wong for taking over as Singapore’s Prime Minister and said that under his stewardship, the country will continue to move forward and “remain a model of economic development for others”.
“My visit to Singapore has been a very fruitful one. It will certainly add vigour to bilateral ties and benefit the people of our nations. I thank the government and people of Singapore for their warmth, stated Indian PM on X.
He further said “Had a very good meeting with Mr. Tharman Shanmugaratnam, the President of Singapore. Our talks focused on the full range of bilateral ties between our nations. We discussed the key focus sectors like skill development, sustainability, technology, innovation and connectivity”.
Speaking at the Singapore-India forum on Thursday, Deputy Prime Minister Heng Swee Keat noted that since the signing of the Comprehensive Economic Cooperation Agreement (CECA) in 2005, annual bilateral trade has grown from S$20 billion to S$51.2 billion in 2022. He added that Singapore was also India’s largest external investor in 2022.
“The significance of CECA lies not just in deepening economic linkages between India and Singapore … (but) in serving as a pathfinder for other agreements to foster closer economic linkages between India and ASEAN, and India and other Asian countries.”
During his trip, Mr Modi was hosted to a site visit by Singapore semiconductor ecosystem player, AEM Singapore, said MTI.
He was accompanied by Mr Wong, and Minister for Home Affairs and Minister for Law K Shanmugam.
“The visit comprised a sharing led by Singapore Semiconductor Industry Association (SSIA) on the development of Singapore’s semiconductor industry and opportunities for mutual collaboration between Singapore and India partners, and a tour of AEM’s facilities,” said MTI.
The ministry added that EnterpriseSG is partnering the Singapore Precision Engineering & Technology Association (SPETA) to feature the Singapore Pavilion at the inaugural SEMICON India show event from Sep 11 to Sep 13, with more than 20 Singaporean companies participating.
In partnership with the India Electronics and Semiconductor Association, SSIA is also planning a business mission to India.
