A PARTNERSHIP WITH UNLIMITED OPPORTUNITIES
India and Singapore have a close bilateral relationship based on convergence of economic and political interests. Singapore is India’s most important trading partner amongst the ASEAN countries and has topped the list of foreign investment generators. On this Singapore National Day, let’s take a look at the factors which led to growing cooperation between the two nations this year
India and Singapore have long historical ties since the 14th century when Singapore was a one stop point in the ancient trade routes between India and Southeast Asia. Singapore enjoys excellent, broad-based and multifaceted bilateral relations with India, underpinned by the India-singapore Strategic Partnership (SP) signed in November 2015 during Indian Prime Minister Narendra Modi’s official visit to Singapore. Our political leaders also enjoy good rapport and interact frequently. There are currently two Ministerial committees/dialogues – the Foreign Ministers’ Joint Ministerial Committee for Bilateral Cooperation and the India-singapore Defence Ministers’ Dialogue.
STRONG TRADE RELATIONS
India is an important economic partner for Singapore. Economic engagement is anchored by the Comprehensive Economic Cooperation Agreement, which came into effect in June 2005. India is a significant trading partner of Singapore, with total bilateral trade amounting to $26.4 billion in 2018. Singapore’s investments in India have also grown exponentially in the past decade, with Singapore becoming India’s largest investor in FY2018. Singapore tops the list of foreign investment generators, accounting for 29 per cent of the $81.72 billion foreign direct investment received by India during the financial year 2020-21.
“Singapore is ever ready to partner India on the next chapter of its development story. We hope to play a catalytic role as a trusted node for Indian companies to expand their networks, experiment with new ideas, and ultimately export to Southeast Asia and the world. We continue to be the top source of FDI annually into India, despite Covid-19. According to the Commerce and Industry Ministry’s announcement in May 21, 29 per cent of total FDI to India in 2019-2020 was from Singapore. We have been and continue to be confident of India’s long-term growth trajectory. Likewise, Singapore businesses look toward India’s immense potential for growth prospects. During my interactions with them on my visits to Chennai, Gujarat, and Hyderabad, their messages to me were loud and clear: they are committed to the Indian market and are here for the long haul. I look forward to even deeper economic cooperation going forward, ” said Simon Wong, Singapore High Commissioner to India.
Notwithstanding the Covid-19 pandemic, India and Singapore performed well in terms of trade. With support from both sides, trade touched approx. USD 21 billion in financial year 2020-21. In April, exports grew 24 per cent, while imports shot up by a staggering 269 per cent, led primarily by medical equipment and healthcare supplies.
EXTENDING HELP DURING PANDEMIC
During the second wave of the Covid-19 pandemic, Singapore truly played the role of a comprehensive partner of India by acting as a logistics hub for supplying oxygen cryogenic tanks and cylinders to bridge the oxygen shortfall in the country. Driven by active bilateral engagement, Singapore turned out to be a critical lifeline to India in times of medical crisis.
Singapore Red Cross (SRC) announced its initial plans to support India with oxygen supplies and collaboration matters. SRC also agreed to coordinate the shipment of oxygen supplies donated from private organisations to India. As the fight against Covid-19 continued in India, various religious organisations such as Caritas Humanitarian Aid & Relief Initiatives Singapore (CHARIS), The Methodist Church in Singapore, The Singapore Buddhist Lodge and Tzu Chi Shen Tze Association pledged substantial monetary support which enabled SRC to purchase more oxygen supplies for India.
As the first tranche of medical supplies, SRC was able to send 5 ventilators via air freight to New Delhi, along with 1,550 oxygen cylinders and 3 ISO Cryogenic tanks via the Indian Navy Ship. As this first tranche was being delivered, SRC also sourced Oxygen Concentrators, Ventilators, and more Oxygen Cylinders with its partners. The items arrived in New Delhi and were received by the Indian Red Cross. The cryogenic tanks and cylinders were sent for processing and cleaning before being dispatched to hospitals and health institutes. Also, Singapore’s Temasek Foundation, in partnership with a number of Singaporean companies, donated over 8,000 oxygen concentrators, 51,000 oxymeters, over 900 BIPAP machines and 27 ventilators. In May 2021, with the generous contributions by the Sea Group, SICCI, and IIT Alumni, a total of 2,510 cylinders containing 40L, 47L, or 50L of pressurised oxygen were sent to New Delhi and were distributed according to the Indian authority’s distribution plans. “Singapore continues to stand in solidarity with India in the fight against Covid-19. I was heartened by the tremendous outpour of support from Singapore NGOS, companies, and other entities that quickly rallied together for India early on. These are testament to our deep appreciation for India’s contributions of critical supplies to the world, and also reflective of the longstanding partnership and goodwill between the two countries,” said Simon Wong.
SINGAPORE ENJOYS EXCELLENT, BROAD-BASED AND MULTIFACETED BILATERAL RELATIONS WITH INDIA, UNDERPINNED BY THE INDIA-SINGAPORE STRATEGIC PARTNERSHIP (SP) SIGNED IN NOVEMBER 2015 DURING INDIAN PRIME MINISTER NARENDRA MODI’S OFFICIAL VISIT TO SINGAPORE.