Prime Minister invited the Singaporean semiconductor companies to participate in SEMICON INDIA exhibition to be held in Greater Noida on 11-13 September 2024.
FinTech BizNews Service
Mumbai, September 5, 2024: Prime Minister Shri Narendra Modi interacted today with a group of leading Singaporean CEOs from diverse sectors including investment funds, infrastructure, manufacturing, energy, sustainability and logistics. Deputy Prime Minister H.E. Mr. Gan Kim Yong and Minister for Home Affairs and law H.E. Mr. K Shanmugam of Singapore participated in the event.
Appreciating their investment footprint in India, Prime Minister acknowledged the role played by the Singaporean industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Singapore. To further facilitate their collaboration with India, Prime Minister announced the setting up of an INVEST INDIA office in Singapore. He further added that the elevation of India-Singapore ties to a Comprehensive Strategic Partnership would give a major thrust to bilateral economic relations. They shared thoughts on how India and Singapore can expand their cooperation to new areas such as advanced manufacturing and in emerging technologies.
Prime Minister noted that India had made transformative progress in the last ten years and would continue on the same path given its strengths of political stability, policy predictability, Ease of Doing Business, and its reform oriented economic agenda. It is set to become the third largest economy in the world over the next few years. Talking of India’s impressive growth story, its skilled talent pool, and expansive market opportunities, he highlighted that India is contributing 17% to global economic growth. Prime Minister spoke about various initiatives to enhance India’s participation in global value chains through programs such as Production Linked Incentive scheme, India Semiconductor Mission and establishment of 12 new Industrial Smart Cities. He called upon the business leaders to look at opportunities in India in the field of skill development. For businesses looking for resilient supply chains, Prime Minister noted that India is the best alternative given its strengths. PM assured that India will increase the pace and scale of infrastructure development in his third term and apprised the CEOs of new opportunities in the fields of Railways, Roads, Ports, Civil Aviation, Industrial Parks and Digital connectivity.
Prime Minister invited Singaporean business leaders to look at investment opportunities in India and to increase their presence in the country.
Following business leaders participated in the Business Round Table:
No. Name Designation
1 Lim Ming Yan Chairman, Singapore Business Federation
2 Kok Ping Soon CEO, Singapore Business Federation
3 Gautam Banerjee Chairman, India & South Asia Business Group,
Singapore Business Federation
Senior MD and Chairman,
Blackstone Singapore
4 Lim Boon Heng Chairman, Temasek Holdings
5 Lim Chow Kiat CEO, GIC Private Limited
6 Piyush Gupta CEO and Director, DBS Group
7 Goh Choon Phong CEO, Singapore Airlines
8 Wong Kim Yin Group President & CEO, Sembcorp Industries Limited
9 Lee Chee Koon Group CEO, CapitaLand Investment
10 Ong Kim Pong Group CEO, PSA International
11 Kerry Mok CEO, SATS Limited
12 Bruno Lopez President & Group CEO, ST Telemedia Global Data Centers
13 Sean Chiao Group CEO, Surbana Jurong
14 Yam Kum Weng CEO, Changi Airport Group
15 Yuen Kuan Moon CEO, SingTel
16 Loh Boon Chye CEO, SGX Group
17 Marcus Lim Co-founder and CEO, Ecosoftt
18 Quek Kwang Meng Regional CEO, India, Mapletree Investments Private Limited
19 Loh Chin Hua CEO & ED, Keppel Limited
20 Phua Yong Tat Group Managing Director, HTL International
Prime Minister Shri Narendra Modi met H.E. Mr. Lawrence Wong, Prime Minister of Singapore today. Prime Minister was accorded a ceremonial welcome at the Parliament House by Prime Minister Wong.
At their talks, both leaders reviewed the progress of India – Singapore bilateral relations. Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a Comprehensive Strategic Partnership. This would also give a major boost to India’s Act East Policy. Taking stock of the robust progress in economic ties, the leaders called for further expanding trade and investment flows between the two countries. Prime Minister highlighted that Singapore with an investment of around USD 160 billion in the Indian economy, is a leading economic partner for India. He further noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities. They also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, Fintech, new technology domains, science and technology and knowledge partnership. The two leaders called for strengthening connectivity between the countries to enhance economic and people-to-people ties. They also called for acceleration in green corridor projects.
The two leaders discussed the outcome of the 2nd India – Singapore Ministerial Roundtable held in Singapore in August 2024. Noting that the Ministerial Roundtable is a unique mechanism, the leaders appreciated the work done by senior ministers from both sides in deliberating and identifying a new agenda for bilateral cooperation. The leaders called for accelerated action under the pillars of cooperation identified during the Ministerial Roundtables - Advanced Manufacturing, Connectivity, Digitalization, Healthcare & Medicine, Skills Development and Sustainability. The leaders underscored that the cooperation under these pillars, particularly in the areas of semiconductors and critical and emerging technologies, opens a new chapter in bilateral relations making our ties future oriented.
Their discussion also covered celebration of 60th anniversary of bilateral relations in 2025. Highlighting that cultural connect between the two countries is an important component of these ties, Prime Minister announced that India’s first Thiruvalluvar Cultural Centre would be opened in Singapore. The leaders also exchanged views on important regional and global issues of mutual interest, including India – ASEAN relations and India’s vision for the Indo-Pacific.
Both leaders witnessed exchange of MoUs for cooperation in Semiconductors, Digital Technologies, Skill Development and Healthcare. These are the outcomes of the deliberations during the two rounds of India-Singapore Ministerial Roundtables held so far. Prime Minister invited Prime Minister Wong to visit India which he accepted.
Prime Minister Shri Narendra Modi, accompanied by Prime Minister H.E. Mr. Lawrence Wong visited AEM, a leading Singaporean company in semiconductor and electronics sector. They were briefed about AEM’s role in global semiconductor value chain, its operations and plans for India. Singapore Semiconductor Industry Association gave a briefing on the development of semiconductor ecosystem in Singapore and opportunities for collaboration with India. Representatives of several other Singaporean companies from this sector were also present. Prime Minister invited the Singaporean semiconductor companies to participate in SEMICON INDIA exhibition to be held in Greater Noida on 11-13 September 2024.
Given our efforts to develop semiconductor manufacturing ecosystem in India and Singapore’s strengths in this sector, both sides have decided to expand bilateral cooperation. During the 2nd meeting of India-Singapore Ministerial Roundtable, both sides agreed to add Advance Manufacturing, with focus on semiconductors, as a pillar for enhancing bilateral cooperation. Both sides have also concluded the MoU on India-Singapore Semiconductor Ecosystem Partnership.
At the facility, the two Prime Ministers also interacted with Indian interns from Odisha’s World Skill Center undergoing training in Singapore as well as Singaporean interns who had visited India under the CII-Enterprise Singapore India Ready Talent Programme and Indian engineers working at AEM.
This visit by both the Prime Ministers underscores commitment of both sides to develop cooperation in this area. Prime Minister Modi conveyed his appreciation to Prime Minister Wong for joining him in this visit.
