Singapore President Highlights India’s Growing Role in Global Economy, Seeks Deeper Collaboration

During his two-day visit to Odisha, Singapore President Tharman Shanmugaratnam expressed confidence that India is rapidly emerging as a major force in the global economy. He emphasized the country’s growing potential as an export-driven economy and underscored Singapore’s commitment to deepening its partnership with India.

Shanmugaratnam addressed reporters, noting that India and Singapore are now on a “new plane of cooperation” that reflects the aspirations of both nations. “This partnership highlights India’s ambitions in a multi-polar world, both geopolitically and economically. India is becoming a major pole in the global economy,” he said.

A Key Partner In India’s Growth

Looking ahead, Shanmugaratnam highlighted India’s significant role in the coming decades. He pointed out that India’s favorable demographics, its current stage of development, and its readiness to advance in the global value chain position it to play a key role in the global economy. “India has vast potential as an export-driven economy, and it’s a nation we are eager to collaborate with,” he added.

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He also noted that India’s priorities align closely with those of Singapore. Under the India-Singapore Ministerial Roundtable (ISMR), both governments are working together to develop India’s semiconductor ecosystem, a sector to which Singapore hopes to contribute actively. “Singapore is exploring how it can support this ecosystem, as well as the creation of new-generation industrial parks that reflect Singaporean characteristics,” Shanmugaratnam explained.

Skills Development And Renewable Energy

Shanmugaratnam also pointed to skilling as a major enabler for India’s future. He praised India’s growing focus on developing its skills infrastructure, an area where Singapore has valuable experience. “We intend to play a key role in India’s skills ecosystem,” he affirmed.

In the renewable energy sector, the Singapore president expressed optimism about India’s potential, citing its abundant solar and wind resources. “India is poised to become a significant producer of renewable energy,” he said, adding that Singapore is keen to engage with India in this space. One of the long-term aspirations is to develop a green energy corridor linking India to Southeast Asia, a goal that will take time but is crucial for the future.

Enhanced Connectivity And Trust

Discussing connectivity, Shanmugaratnam highlighted the increasing demand for travel between India and Singapore, noting that flights between the two countries are full. He also identified the aviation sector as a potential area for growth, particularly in the maintenance, repair, and overhaul (MRO) business, where India could become a key player.

The President also emphasized the expanding collaboration in the digital space, including FinTech, and efforts to enhance the flow of data between financial institutions in India and Singapore. “The agencies are working hard to ensure safe and trusted data exchanges,” he added.

Finally, Shanmugaratnam stressed that trust is a cornerstone of the India-Singapore relationship. “It’s not just about specific industries; it’s about building trust through ongoing projects that benefit both countries. In today’s uncertain world, trust is in short supply. India and Singapore can set an example of how to build trust and foster collaboration,” he said.

As both nations continue to strengthen their ties, Singapore’s President remains optimistic about the future of their partnership and the shared opportunities that lie ahead.