ECONOMY
India, Singapore sign MoU on chips, companies commit to $60 bn investments in India
- IBJ Bureau
- Sep 06, 2024
India and Singapore on Thursday elevated their ties to a comprehensive strategic partnership and inked four MoUs, including one on cooperation in the semiconductor industry. The prosperous city-State’s companies pledged to invest about $60 billion in the next few years.
Prime Minister Narendra Modi, who arrived in Singapore from Brunei on a two-day visit on Thursday, described Singapore as a model for developing nations and said that India wanted to create “several Singapores” of its own during his talks with Premier Lawrence Wong.
Later, Mr Modi held a roundtable with top business leaders and CEOs in Singapore, where he talked about ways to deepen economic linkages. Highlighting the reforms underway in India, which will encourage investment and innovation, Mr Modi invited Singaporean business leaders to look at investment opportunities in India in sectors like aviation, energy and skill development.
At the roundtable with business leaders, Singapore companies committed an investment of around $60 billion (over Rs 5 lakh crore) in the next few years, officials said.
“Collaborative initiatives have been identified in areas such as skilling, digitalisation, mobility, advanced manufacturing, semiconductors and AI, healthcare, sustainability and cybersecurity,” Mr Modi said during his meeting with Lawrence Wong.
Mr Modi also announced setting up of an Invest India office in Singapore, which would be a handholding office for investors in Singapore in various areas identified in the six pillars.
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