{"id":29016,"date":"2024-09-05T18:43:42","date_gmt":"2024-09-05T13:13:42","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=29016"},"modified":"2024-09-05T18:43:44","modified_gmt":"2024-09-05T13:13:44","slug":"india-and-singapore-elevated-ties","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/05-09-2024\/india-and-singapore-elevated-ties","title":{"rendered":"India and Singapore Elevated Ties"},"content":{"rendered":"\n

Syllabus: GS 2\/IR<\/strong><\/p>\n\n\n\n

In News<\/strong><\/h2>\n\n\n\n
    \n
  • India and Singapore enhanced their relationship with the signing of four Memorandum of Understanding (MoU) during Prime Minister Narendra Modi\u2019s visit to Singapore.<\/li>\n<\/ul>\n\n\n\n

    Key Agreements\u00a0<\/strong><\/h2>\n\n\n\n
      \n
    • Digital Technologies<\/strong>: It covers digital technologies, including cybersecurity, 5G, super-computing, quantum computing, and AI, and focuses on upskilling and reskilling workers.<\/li>\n\n\n\n
    • Semiconductor Ecosystem<\/strong>:It\u00a0 involves cooperation in semiconductor cluster development and talent cultivation.\n
        \n
      • It aims to facilitate investment by Singaporean companies in India\u2019s semiconductor sector.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
      • Health Cooperation<\/strong>: It focuses on joint research, innovation, and human resource development in healthcare and pharmaceuticals.\n
          \n
        • It also aims to promote Indian healthcare professionals in Singapore.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
        • Skill Development:<\/strong>It\u00a0 targets educational cooperation and technical\/vocational training, enhancing ongoing skill development initiatives.<\/li>\n<\/ul>\n\n\n\n

          India – Singapore Relations<\/strong><\/h2>\n\n\n\n
            \n
          • Historical <\/strong>: Strong commercial, cultural, and people-to-people links dating back over a millennium.\n
              \n
            • Modern ties linked to Sir Stamford Raffles establishing a trading station in 1819.<\/li>\n\n\n\n
            • India recognized Singapore soon after its independence in 1965.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • \u00a0Strategic : <\/strong>India-Singapore relations were elevated to Strategic Partnership during the visit of Prime Minister Narendra Modi to Singapore in 2015.<\/li>\n\n\n\n
            • High-Level Exchanges: <\/strong>PM Modi’s visits in 2018 and 2022 marked significant milestones, including keynote addresses at major events.\n
                \n
              • Singapore PM Lee Hsien Loong’s visits to India included Republic Day celebrations and the G20 Leaders’ Summit.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
              • India-Singapore Ministerial Roundtable (ISMR): <\/strong>Inaugural ISMR in 2022 focused on digital connectivity, Fintech, green economy, and other areas.\n
                  \n
                • 2nd ISMR in 2024 added new pillars like Advanced Manufacturing and Connectivity.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                • Trade and Economic Cooperation: <\/strong>Singapore is India\u2019s largest trade partner in ASEAN. It is the leading source of FDI, among the largest sources of External Commercial Borrowings and Foreign Portfolio Investment.\n
                    \n
                  • \u00a0Bilateral trade between the two countries grew significantly from USD 6.7 billion in FY 2004-05 to USD 35.6 billion in FY 2023-24.<\/li>\n\n\n\n
                  • \u00a0Singapore ranks as India’s 6th largest trade partne<\/strong>r, accounting for 3.2% of India’s total trade. In FY 2023-24, India’s imports from Singapore were USD 21.2 billion (a 10.2% decrease from the previous year), while exports to Singapore reached USD 14.4 billion (a 20.2% increase from the previous year).<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                  • Fintech: <\/strong>Initiatives include the UPI-PayNow linkage, RuPay card acceptance, and other cross-border Fintech developments.<\/li>\n\n\n\n
                  • Science & Technology Cooperation: <\/strong>ISRO has launched several Singaporean satellites.\n
                      \n
                    • Collaborative efforts in digital health and medical technologies.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                    • Cultural Cooperation:<\/strong> Regular exchanges in performing arts, theatre, and other cultural spheres.\n
                        \n
                      • Active promotion of Indian art forms in Singapore.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                      • Multilateral Cooperation: <\/strong>Singapore has joined international initiatives like the International Solar Alliance and Global Biofuel Alliance.\n
                          \n
                        • Both countries are part of multilateral groups such as IORA, NAM, and the Commonwealth.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                        • Indian Community: <\/strong>Indians make up about 9.1% of Singapore\u2019s resident population and 21% of foreign residents.\n
                            \n
                          • Significant Indian diaspora with high concentrations of IIT and IIM alumni.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

                            Importance\u00a0<\/strong><\/h2>\n\n\n\n
                              \n
                            • \u00a0India\u2019s relationship with ASEAN has grown significantly, with a special emphasis on Singapore, one of the most dynamic countries in the region.<\/li>\n\n\n\n
                            • The India-Singapore relationship is grounded in mutual respect and trust, with a diverse and mature cooperation that provides a solid base for further development.<\/li>\n\n\n\n
                            • Singapore has a central role in India’s “Look East” and “Act East” policies, particularly in security, connectivity, technology, and sustainability.<\/li>\n\n\n\n
                            • The India-Singapore partnership will enable us to enhance economic cooperation, foster mutual growth and tackle future challenges together.<\/li>\n<\/ul>\n\n\n\n

                              Future Outlook\u00a0<\/strong><\/h2>\n\n\n\n
                                \n
                              • The time is right for India and Singapore to elevate their bilateral relationship, reflecting current global and national realities.<\/li>\n\n\n\n
                              • The India-Singapore partnership is set to enhance economic cooperation, mutual growth, and address future challenges together.<\/li>\n\n\n\n
                              • There is the need to focus on future technologies such as semiconductors, green technologies, and electric mobility, and to collaboratively address connectivity and energy challenges.<\/li>\n\n\n\n
                              • \u00a0Rapid technological changes necessitate new skills. India and Singapore can collaborate on designing and implementing joint skill development programs.<\/li>\n<\/ul>\n\n\n\n

                                Source:IE<\/p>\n","protected":false},"excerpt":{"rendered":"

                                India and Singapore enhanced their relationship with the signing of four Memorandum of Understanding (MoU) during Prime Minister Narendra Modi\u2019s visit to Singapore.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29016","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/29016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=29016"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/29016\/revisions"}],"predecessor-version":[{"id":29017,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/29016\/revisions\/29017"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=29016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=29016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=29016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}