India, Singapore review growth in bilateral strategic partnership in recent years

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New Delhi, Sep 16: India and Singapore have on Monday reaffirmed their bilateral strategic partnership and reviewed the growth in cooperation and business ties in recent years.

According to ANI, the Indian High Commission, in partnership with agencies of governments of Singapore and India, chambers of commerce and professional associations, organized the “India-Singapore: The Next Phase” Business Summit at Marina Bay Sands Expo and Convention Centre downtown last week.

Indian external affairs minister Dr. S Jaishankar and Hardeep Singh Puri, Minister of State for Housing, Urban Affairs, Civil Aviation and Commerce and Industry, had attended the summit.

In his opening remark, Singapore’s foreign affairs minister Vivian Balakrishnan underscored India’s desire to double its present GDP to USD 5 trillion by 2024 and foundation spending plan throughout the following 5 years of USD 13.9 billion.

He accepted that Singapore can be a valuable accomplice in its striking intends to develop in areas of infrastructure planning, water conservation and business expansion.

“We believe we are a natural partner as India urbanises. Our expertise in urban development, planning, and infrastructure finance will be salient to India,” said Balakrishnan.

He included Singapore has noteworthy involvement in arranging and building up its rare water assets, which will be important to India in the light of Prime Minister Narendra Modi’s ongoing accentuation on water protection.

What’s more, Singapore can be India’s passage to the USD 2.8 trillion ASEAN monetary networks.

“We can collaborate with your government agencies and your companies to pilot digital platforms that will facilitate ease of doing business. We have a diverse population and we have the support structures to help you develop, trial, and adapt digital solutions both in ASEAN and in India.”

The Regional Comprehensive Economic Partnership (RCEP) is a facilitated commerce understanding advocated by the 10 ASEAN states at present under an arrangement which spreads 40 percent of world trade; and incorporates India, China, Japan, South Korea, Australia, and New Zealand.

Singapore’s Senior Minister of State for Trade and Industry and Education, Chee Hong Tat said on the second day of the conference: “We want India to be part of RCEP. Besides the economic benefits, we believe this will further strengthen the links between India and ASEAN, which is important for having a balance of power that promotes peace and stability in this region.”

The second day of the meeting concentrated on the fund, framework improvement, and large scale financial aspects.

Hardeep Singh Puri talked about Singapore being a noteworthy accomplice for India in each region of need in the second term of the Modi government – savvy urban areas, flying, abilities improvement, among others.

He further commented, “As we embark on the next phase of this government, we look to the future with higher ambitions and new opportunities for India and the world to work together. Singapore will be among our foremost partners. For India, Singapore has been over the past three decades the political, economic and intellectual bridge to Southeast Asia. And it remains an important gateway to the world for a globalising India.”



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