Regardless of season or size, Singapore-indi ties remain robust at 5
August is a special month for Singapore. We celebrate two important occasions on August 8 and 9 — the establishment of the Association of Southeast Asian Nations (ASEAN) in 1967, and the independence of modern Singapore in 1965, respectively.
August also holds special meaning for India. On August 15, 1947, India emerged from British rule to become an independent country. While nation-building is a never ending task, both Singaporeans and Indians have much to be proud of. Our two nations have built multi-racial, multi-religious societies based on equality and the rule of law.
India is a longstanding friend of Singapore and was one of the first countries to recognise our independence. The historical, literary, cultural and economic ties go back many centuries. Many Singaporeans have family ties in India. When Covid-19 first hit last year, India supported Singapore by keeping the supply chains of essential goods open. India subsequently found itself confronting the second wave, and I am glad that Singapore could reciprocate with our modest contribution of oxygen-related supplies.
Singapore and India are natural partners. We must continue with this spirit of collaboration as we navigate a pathway out of the pandemic and re-emerge stronger.
Bilaterally, we enjoy close partnership in the economic, security, and people-to-people domains, including on skills and urban development. Singapore has been India’s largest source of foreign direct investment for three consecutive years, averaging $16 billion in total equity inflows annually. We are further deepening our partnership in areas that will become even more salient in the post-pandemic world — fintech, innovation and skills, and digital connectivity.
Our bilateral efforts in these areas can also be a pathfinder for others in the region. For example, Singapore is looking into expanding our Business sans Borders (BSB) initiative beyond our pilot partners of India and the Philippines, to all 10 ASEAN member-states. When complete, the BSB initiative will enhance regional economic growth and increase financial inclusion in our local communities.
We welcome India’s continued engagement policy unveiled in 2014 by Prime Minister ( Narendra Modi. Singapore has always b one of the earliest and strongest proponen closer ASEAN-INDIA ties. We believe that growth and opening up of India will contri greatly to peace, prosperity, and stability in region. The evolving regional architecture be stronger and enhanced by India’s active ticipation.
As PM Modi said at the 37th Singapore ture in November 2015, “In the flux and tra tion of our times, the most critical need in region is to uphold and strengthen the r and norms that must define our collec behaviour”. These words h proven to be prescient as our co tive behaviour will determine quickly the world emerges from depths of the Covid-19 pandem
Despite our obvious differe in size, our shared strategic out impels us to work for and uphol open, inclusive, rules-based inte tional system. Isolationism and tectionism will not be the solu to creating opportunities in a world unde ing radical changes in geopolitics and ongoing digital revolution. We need to inve our people, our infrastructure and reform economic structures on the domestic front should build support for a rules-based m lateral world order.
This is also the central task for ASEAN in years ahead. At a time of great geostrat churn, preserving ASEAN unity and centr and strengthening the multilateral framew will require sustained and concrete action both ASEAN member-states and its exte partners.
With its strategic heft, India can pl unique role in buttressing ASEAN’S effort Singapore commences its three-year ter country coordinator for ASEAN-INDIA Dial Relations this month, we will work unre tingly to strengthen the ASEAN-INDIA Strat Partnership. We invite India to give even f expression to its “Act East” policy as AS and India mark 30 years of relations next y
I am confident that Singapore and India continue to work closely for the mutual be of our peoples and the region, just like wha have always done, regardless of season.