Piyush Goyal Strengthens India–Singapore Trade Ties, Focus on FDI & Green Growth

Union Minister of Commerce & Industry, Shri Piyush Goyal, concluded a successful three-day official visit to Singapore, aimed at advancing bilateral economic ties, investment partnerships, and cooperation in emerging sectors such as the digital economy, green transition, and infrastructure development. The visit highlighted India’s robust economic growth trajectory, its investment-driven reform agenda, and the vast opportunities available for global partners in sectors ranging from manufacturing to financial services.

High-Level Leadership Engagements

During the visit, Shri Goyal met with Mr. Lawrence Wong, Prime Minister of Singapore, where the two leaders held wide-ranging discussions on:

• Enhancing trade and investment linkages,

• Cooperation in innovation, R&D, and digital connectivity,

• Exploring joint opportunities in sustainable development and climate action.

He also met Dr. Vivian Balakrishnan, Minister for Foreign Affairs, where both sides reaffirmed their strategic trust and alignment on regional and global economic priorities. In his bilateral meeting with Mr. Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Shri Goyal stressed the need to deepen industrial and trade cooperation while encouraging Singaporean businesses to expand their presence in India.

Focus on Manufacturing & FDI

A major highlight of the visit was the Business Roundtable on Foreign Direct Investment (FDI) in Manufacturing, which brought together senior representatives from AmCham, EuroCham, and the German Chamber of Industry & Commerce, along with prominent Singapore-based CEOs.

Delivering the keynote address, Shri Goyal underscored India’s:

• Strong economic fundamentals and status as the fastest-growing major economy,

• Pro-investment policies such as PLI schemes and Make in India,

• Strategic vision to become a global manufacturing hub, aligned with Viksit Bharat 2047.

He invited Singaporean businesses to leverage India’s large domestic market, skilled workforce, and competitive business environment.

Strategic Business Engagements

Shri Goyal also held targeted meetings with leading corporates and institutional investors:

• SIA Engineering Company (SIAEC): Focused discussions on India’s fast-growing Maintenance, Repair & Overhaul (MRO) sector, with emphasis on setting up an India–Singapore Skilling Centre for MRO professionals in collaboration with Indian universities.

• CapitaLand Investment: Expressed commitment to expand renewable energy solutions for data centres in Maharashtra, alongside exploring industrial parks, worker housing models, and entry into credit financing.

• Royal Golden Eagle (RGE): Provided updates on tissue and pulp operations in India, highlighted operational challenges, and conveyed interest in knowledge exchange on sustainable forestry and reforestation practices.

• GIC & Temasek: In meetings with Group CIO Mr. Bryan Yeo (GIC) and CEO Mr. Dilhan Pillay (Temasek), discussions revolved around scaling up India-focused investment portfolios in infrastructure, hospitality, renewable energy, financial services, and urban development.

Reaffirming Strategic Partnership

The visit reaffirmed the deep-rooted strategic and economic partnership between India and Singapore. Both nations agreed to strengthen cooperation in:

• Manufacturing and industrial development,

• Infrastructure and urban planning,

• Green energy and sustainable transition,

• Digital economy and innovation ecosystems,

• Financial investments and capital flows.

Shri Goyal emphasized that India and Singapore are natural partners in Asia, sharing a vision for inclusive growth, resilience, and sustainability. With India’s fast-growing economy and Singapore’s status as a global financial hub, the two countries are poised to expand their strategic and investment-driven partnership in the years ahead.