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Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal are in Singapore for discussions aimed at strengthening India's economic partnership with the Southeast Asian financial hub. Goyal is leading a 70-member Indian business delegation seeking investment, trade and technology partnerships, while Sitharaman is heading the ministerial delegation for the fourth India-Singapore Ministerial Roundtable (ISMR). The talks will cover manufacturing, connectivity, digitalisation, healthcare, skills and sustainability. Bilateral trade reached USD 36.1 billion in 2025-26, while Singapore remained India's largest source of foreign direct investment during the year.
Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal are in Singapore for high-level discussions to strengthen economic and investment ties between India and the Southeast Asian financial hub.
Goyal is leading a 70-member Indian business delegation comprising senior representatives from artificial intelligence, technology, manufacturing, infrastructure, financial services, healthcare, food and agriculture, logistics, maritime and trade sectors. The delegation will participate in government-to-business and business-to-business meetings focused on investment, market access, technology partnerships and talent development.
Sitharaman is heading the Indian ministerial delegation for the fourth India-Singapore Ministerial Roundtable (ISMR), which is scheduled for Thursday. The delegation also includes External Affairs Minister S Jaishankar, Goyal and Minister of State for Electronics and IT and Commerce and Industry Jitin Prasada.
Established in 2022, the ISMR is the main high-level economic mechanism between the two countries. The current round will review progress in advanced manufacturing, connectivity, digitalisation, healthcare and medicine, skills development and sustainability, while exploring further areas of cooperation.
The ministerial meeting will be held alongside the India-Singapore Business Roundtable. The programme will also include an MoU-signing ceremony and meetings between Indian ministers, their Singaporean counterparts and other senior Singaporean leaders. Goyal is also scheduled to meet Singapore Prime Minister Lawrence Wong during his visit.
Singapore has remained an important source of foreign capital for India and a key economic partner in Southeast Asia. Government data shows that bilateral trade increased from USD 6.7 billion in 2004-05 to USD 36.1 billion in 2025-26, following the implementation of the India-Singapore Comprehensive Economic Cooperation Agreement.
Singapore was India's largest source of foreign direct investment in 2025-26, contributing USD 19.8 billion in inflows. Cumulative FDI from Singapore stood at USD 194.68 billion between April 2000 and March 2026, accounting for 24.72 per cent of India's total FDI inflows.
The latest discussions are part of efforts by both countries to advance their Comprehensive Strategic Partnership, with economic cooperation increasingly covering areas such as technology, manufacturing, digital infrastructure, healthcare, connectivity and skills.
Source PTI
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