With an aim of deepening economic ties with the Southeast Asian financial hub, Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal are in Singapore for high-level talks. A 70-member Indian business delegation accompanying Goyal will seek new investment, trade and technology partnerships, while Sitharaman is leading a ministerial delegation comprising External Affairs Minister S Jaishankar, Goyal, and Minister of State for Electronics and IT and Commerce and Industry Jitin Prasada for the fourth India-Singapore Ministerial Roundtable (ISMR), scheduled for August 20. Goyal is leading around 70 senior business leaders from sectors including artificial intelligence, technology, manufacturing, infrastructure, financial services, healthcare, food and agriculture, logistics, maritime and trade.
The Commerce Ministry said the business delegation will hold government-to-business and business-to-business engagements focused on investment, market access, technology collaboration, partnerships and talent development. The ISMR will be held alongside the India-Singapore Business Roundtable, providing a parallel forum for business leaders from the two countries. The programme will also include an MoU-signing ceremony. Indian ministers are scheduled to engage with their Singaporean counterparts and other senior Singaporean leaders. Goyal will also call on Singapore Prime Minister Lawrence Wong during the visit.
Established in 2022, the ISMR is the main high-level economic mechanism between the two countries and covers advanced manufacturing, connectivity, digitalisation, healthcare and medicine, skills development and sustainability. The fourth round will review progress in these areas and identify new opportunities to strengthen the economic partnership. Singapore is a major source of foreign capital for India and a key economic partner in Southeast Asia. India is seeking to build on these investment links while expanding cooperation in technology, manufacturing, digitalisation and other emerging sectors. Bilateral trade has also grown substantially since the implementation of the India-Singapore Comprehensive Economic Cooperation Agreement, rising from $6.7 billion in 2004-05 to $36.1 billion in 2025-26.
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