Context:
India and Singapore signed four Memoranda of Understanding (MoUs) in the field of digital technologies, semiconductors, health cooperation, and skill development to further strengthen their cooperation.
About the Memoranda of Understanding (MoUs)
- Digital Technologies Cooperation: To enhance collaboration in digital technologies, including DPI, cybersecurity, 5G, supercomputing, quantum computing, and AI, as well as upskilling and reskilling workers in the digital field.
- Semiconductor Ecosystem Partnership: Focuses on developing the semiconductor sector, including semiconductor cluster development, talent cultivation, and facilitating investment from Singaporean companies in India.
- Health and Medicine Collaboration: To promote joint research and innovation in health and medicine, enhance human resource development in healthcare, and support the advancement of Indian healthcare professionals in Singapore.
- Educational and Skills Development: To foster closer cooperation in technical and vocational education and training, complementing existing initiatives in skill development between the two nations.
India and Singapore Bilateral Relation
- India-Singapore relations were elevated to a Strategic Partnership during Indian Prime Minister’s visit to Singapore in 2015.
- India was among the first to recognize Singapore upon its independence in 1965.
Trade and Economic Cooperation:
- Singapore is India’s largest trade partner in ASEAN and a major source of FDI, with bilateral trade growing from USD 6.7 billion in 2004-05 to USD 35.6 billion in 2023-24, and
- Singapore being the largest source of FDI into India in 2023-24 with investments in various sectors.
Fintech Initiatives:
- Including the acceptance of RuPay cards in Singapore, UPI-Pay now Linkage for cross-border payments, and initiatives like ONDC-Proxtera Connectivity and Trade Trust for trade finance.
- Singapore is the first nation with which India has begun this cross-border Person-to-Person (P2P) payment facility.
Science and Technology Cooperation:
- India has launched several Singaporean satellites, and both countries have engaged in joint initiatives such as the ASEAN-India Women Scientists Conclave and an e-workshop on digital health and medical technologies.
Multilateral Cooperation:
- Singapore has joined International Solar Alliance (In June 2023) and Global Bio-fuel Alliance (September 2023).
- Served as ASEAN Country Coordinator for India, and both nations are involved in multilateral groups like IORA, NAM, and the Commonwealth.
Diaspora:
- Ethnic Indians make up about 9.1% of Singapore’s resident population and 21% of the foreign residents, with a significant presence in various sectors and a notable number of IIT and IIM alumni; Tamil is one of the official languages.