Singapore and India’s business relations took another big step forward on September 5, with an exclusive closed-door Business Roundtable organised by the Singapore Business Federation (SBF). The high-level event, held at Shangri-La Hotel Singapore, was graced by the Prime Minister of India, Shri Narendra Modi, alongside prominent business leaders from Singapore. The roundtable provided a unique opportunity for the two nations to strengthen their economic collaboration, paving the way for deeper cooperation across multiple sectors.
Prime Minister Modi was accompanied by key figures from his administration, including Minister of External Affairs Dr S Jaishankar, National Security Advisor Shri Ajit Doval, and High Commissioner of India to Singapore Dr Shilpak Ambule. From Singapore side, the roundtable was attended by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, Minister for Home Affairs and Minister for Law K Shanmugam, and Singapore’s High Commissioner to India Simon Wong.
Hosted by SBF Chairman Lim Ming Yan and SBF CEO Kok Ping Soon, the roundtable was planned in collaboration with the High Commission of India, Ministry of Trade and Industry (MTI), and Enterprise Singapore (EnterpriseSG). The event, featuring 18 companies from 15 diverse sectors, gave the Singapore business community a direct line to discuss opportunities and challenges with Prime Minister Modi. These businesses, ranging from technology to infrastructure development, finance, global logistics and more, were keen to explore the vast potential that India presents. Some of the participants were SBF Business Group Chairman for India & South Asia and Blackstone Singapore Senior MD and Chairman Gautam Banerjee; CapitaLand Investment Group CEO Lee Chee Koon; DBS Group CEO and Director Piyush Gupta; Ecosoftt Co-Founder and Managing Director Marcus Lim; PSA International Group CEO Ong Kim Pong; SATS President and CEO Kerry Mok; and Singapore Airlines CEO Goh Choon Phong.
Singapore is currently India’s largest trade partner in ASEAN. According to a report by the High Commission of India in Singapore, Singapore was the largest source of foreign direct investment (FDI) in India for FY 2023–2024, with FDI equity inflows into India standing at US$11.774 billion over this period.
SBF has been instrumental in this growing relationship. Acting as a bridge between Singapore businesses and India’s booming markets, SBF has facilitated partnerships and collaborations in key industries such as semiconductors, biomedical sciences, aviation, health tech, electronics, and finance.
SBF has been highly active in fostering bilateral business relations. Earlier in 2024, it partnered with EnterpriseSG to lead a business delegation to two major events in India: the Tamil Nadu Global Investors Meet and the Vibrant Gujarat Global Summit. These events offered Singapore businesses a platform to connect with their Indian counterparts and explore investment opportunities in high-growth areas in India.
In June 2024, SBF hosted a timely seminar titled “Post India Election: Impact on India’s Business Environment, Foreign Direct Investments, and the Financial Markets”. The session featured insights from Dr Ambule, and was moderated by Mr Banerjee. This seminar provided valuable information for businesses looking to navigate the post-election landscape in India. From September 8 to 14, SBF led a delegation to Bangalore and New Delhi, as part of its ongoing efforts to help Singapore businesses venture into India.
Reflecting on the growing partnership, SBF Chairman Lim Ming Yan expressed his optimism, saying, “It is heartening for SBF to welcome India’s Prime Minister Modi on his visit to Singapore after nearly six years. Singapore’s businesses see strong interest in setting up in India, and the country remains one of our top destinations for future overseas expansion in Asia.”
With robust engagement, high-level support, and growing interest from both countries, the future of Singapore-India business relations looks bright. And, the roundtable discussions and efforts of organisations like SBF and EnterpriseSG are helping to fuel this growth.
© 2024 Institute of Singapore Chartered Accountants