India and Singapore elevated their bilateral relations to the level of a comprehensive strategic partnership on Thursday during the visit of Indian Prime Minister Narendra Modi to Singapore. Modi and Singapore’s Prime Minister Lawrence Wong met at the Parliament House in Singapore where the two parties held a bilateral meeting, discussing cooperation in key sectors.
Following the meeting, the two sides signed four agreements in digital technology, semiconductor, skill development, and healthcare.
“Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a comprehensive strategic partnership. This would also give a major boost to India’s Act East Policy,” India’s Ministry of External Affairs said in a statement.
Cooperation in digital technologies
India’s ministry of electronics and information technology and Singapore’s ministry of digital development and information signed the first agreement to cooperate in digital technologies. This deal will facilitate close cooperation between the two countries in digital technologies including DPI, cybersecurity and 5G. India and Singapore will also collaborate in advancing emerging technologies like super-computing, quantum computing and artificial intelligence. It will also enable cooperation between to two sides to upskill and reskill workers in the field.
Semiconductor ecosystem partnership
India and Singapore also signed an agreement for a semiconductor ecosystem partnership between India’s ministry of electronics and information technology and Singapore’s ministry of trade and industry. Under this agreement, the two countries will cooperate in developing a semiconductor cluster and cultivating talent in semiconductor design and manufacturing. This agreement will also facilitate Singapore’s investments in India.
Notably, Singapore plays a major role in the global semiconductor supply chain, accounting for 10 percent of all chip production globally and around 20 percent of the global production of semiconductor manufacturing equipment.
Meanwhile, India has recently placed great focus on the semiconductor industry with a $10 billion package in place to boost development. India expects its semiconductor market to be worth $63 billion by 2026.
Health and medicine cooperation
India’s ministry of health and family welfare and Singapore’s ministry of health also signed an agreement in the field of health and medicine. This deal will facilitate joint efforts on research and innovation in areas of mutual interest and also promote closer cooperation in human resource development in the healthcare and pharmaceutical sectors. The agreement will also contribute to New Delhi’s efforts to promote Indian healthcare professionals in Singapore.
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Mutual development of skills
India’s ministry of skill development and entrepreneurship and Singapore’s ministry of education signed the final agreement on educational cooperation and skills development. This agreement aims to promote closer cooperation in technical and vocational education and training and will complement the ongoing active collaboration in skill development between the two countries.
Reflecting on the robust progress in economic ties, the two leaders called for further expanding trade and investment flows between the two countries. Prime Minister Modi highlighted that Singapore, with an investment of around $160 billion in the Indian economy, is a leading economic partner for India.
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