Four union ministers- Nirmala Sitharaman, S Jaishankar, Piyush Goyal and Ashwini Vaishnaw- will attend the India-Singapore ministerial roundtable (ISMR) on Monday to further strengthen trade and economic ties between the two countries, the government said Sunday.Goyal will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum, according to a statement issued by the commerce and industry ministry.“The minister will explore strategies to bolster bilateral trade and investment, capitalising on India’s burgeoning market opportunities and its dynamic growth trajectory,” it said.The meeting assumes significance as Singapore has been a major source of foreign direct investment (FDI) for India. In the FY24, Singapore was the largest source of FDI for India, with an estimated $11.77 billion in inflows. The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around $159.94 billion. In bilateral trade, Singapore was India’s sixth largest global trade partner in FY24 with a total trade of $35.61 billion which accounts approximately 29% of India’s total trade with ASEAN.As per the statement, ISMR is a unique mechanism established to set a new agenda for India–Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022. This second meeting will enable both sides to review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it.
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