India and Singapore are set to strengthen cooperation across semiconductors, digital connectivity, fintech, green hydrogen, healthcare and industrial parks, as both countries look to give fresh momentum to their Comprehensive Strategic Partnership.
The areas of cooperation were discussed during the fourth India-Singapore Ministerial Roundtable (ISMR) held in Singapore on Thursday. The meeting brought together senior ministers from both countries, including Finance Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal and Minister of State for Commerce and Industry and Electronics & IT Jitin Prasada.
Semiconductor Partnership Gets Major Push
Semiconductors emerged as one of the key areas of the discussions as India continues efforts to build a strong domestic chip manufacturing ecosystem.
The two countries discussed deeper cooperation in the semiconductor sector, including the upcoming Green Lane Initiative for Semiconductors, aimed at facilitating greater collaboration and smoother engagement between the two countries’ semiconductor industries.
Jitin Prasada also participated in a semiconductor industry roundtable during the visit.
UPI-PayNow and Fintech Cooperation
Digital payments also featured prominently in the discussions. Both sides noted the significant increase in transactions through the UPI-PayNow Connect, strengthening digital payment connectivity between India and Singapore.
The two countries are also looking to expand cooperation in fintech and digital connectivity as financial technology becomes an increasingly important part of bilateral economic ties.
Green Hydrogen and Clean Energy
India and Singapore are also exploring opportunities in green hydrogen and clean energy.
The countries reviewed progress on developing a green hydrogen supply chain, which could create new opportunities for investment, technology cooperation and clean-energy trade.
The partnership comes as India continues to expand its renewable energy and green hydrogen ecosystem while Singapore looks to strengthen access to low-carbon energy sources.
Healthcare and Food Trade
Healthcare cooperation is another area gaining momentum. The two sides reviewed the implementation of a pilot for the registration of Indian generic medicines in Singapore.
They also discussed expanding agricultural and processed food exports. India has already begun exporting products such as litchis, mangoes, cherries and plums to Singapore.
An agreement between India’s Food Safety and Standards Authority and the Singapore Food Agency will facilitate technical information-sharing on food safety and is expected to help ease bilateral trade in agricultural and food products.
Focus on Skills and Industrial Development
Both countries also highlighted progress in establishing the National Centre of Excellence for Skilling in Chennai, along with the Singapore-India Hackathon.
Singapore’s business presence in India is also set to expand with the opening of a Singapore Business Federation office in Bengaluru.
The two sides agreed to explore stronger engagement between Singapore and Indian states, including through regular visits by chief ministers to Singapore.
Strengthening a Strategic Partnership
The latest ministerial roundtable builds on the elevation of India-Singapore relations to a Comprehensive Strategic Partnership in 2024.
With cooperation now expanding from trade and investment into semiconductors, digital payments, healthcare and green energy, both countries are looking to build a broader economic and technology partnership in the coming years.
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