Bilateral

India receives USD 16 billion FDI from Singapore in the fiscal year 2022: Visiting Singapore Minister Loh Khum Yean

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Singapore Minister Loh Khum Yean

India and Singapore are key global partners who promote mutually extensive cooperation in various international forums and also enjoy a significant economic partnership with the amount of FDI inflow from Singapore to India in the fiscal year 2022 was estimated to be almost 16 billion U.S. dollars.

With an aim to further boost the relationship between the two countries Singapore Minister in PMO Loh Khum Yean, currently on a 2-day visit to India, called on his Indian counterpart Union Minister Dr. Jitendra Singh.

During his meeting with Khum Yean, the Union Minister pointed out that India and Singapore show convergence on a variety of issues of international importance and they are part of numerous groupings like G20, Commonwealth, IORA (Indian Ocean Rim Association), East Asia Summit, and IONS (Indian Ocean Naval Symposium).

Loh Khum Yean said that Singapore has emerged as the top source nation in terms of foreign direct investment (FDI) equity flows into India for the financial year 2021-22. The amount of FDI inflow from Singapore to India in the fiscal year 2022 was estimated to be almost 16 billion U.S. dollars.

Singh further said that “India and Singapore are closely collaborating in cutting-edge areas that will shape the future in the context of accelerating technological disruption – fintech, information technology, cyber security, skill development, smart city solutions, and renewable energy and food security.”

India and Singapore look forward to further strengthening this important relationship in areas like trade, defence, science and innovation, education, governance, and the digital economy.

Both sides also discussed firm up the Exchange Program of Civil Services and visit by PM Excellence Awardees to Singaporean Institutes of Excellence.

Simon Wong, High Commissioner of Singapore also attended the delegation-level talks between the two sides.

Following the conclusion of the Comprehensive Economic Cooperation Agreement (CECA) of 2005, this robust relationship between the two countries was elevated to a Strategic Partnership in 2015 during the visit of Prime Minister Narendra Modi and on the occasion of the 50th anniversary of the establishment of diplomatic relations.

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