Singapore, September 5, 2024: During a roundtable meeting with Prime Minister Narendra Modi, prominent Singaporean business leaders across various sectors committed to investing more than Rs 5 lakh crore (approximately USD 60 billion) in India over the coming years. The meeting, held on Thursday, included CEOs from sectors such as investment funds, infrastructure, manufacturing, energy, sustainability, and logistics.
Also attending the event were Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law, K Shanmugam, both from Singapore.
PM Modi expressed his appreciation for the significant role played by Singaporean companies in strengthening the bilateral relationship between the two nations and boosting economic cooperation. To further enhance this collaboration, the Prime Minister announced the establishment of an INVEST INDIA office in Singapore, which will serve as a bridge to support businesses and investment flows between the countries.
In his remarks, Modi emphasized that the elevation of India-Singapore relations to a Comprehensive Strategic Partnership would further accelerate economic cooperation. He outlined India’s transformative progress over the last decade and highlighted its advantages, such as political stability, policy predictability, and its ongoing reform agenda, which make the country an attractive destination for investment. India is on track to become the third-largest economy in the world in the coming years, Modi added.
PM Modi also underscored India’s contribution of 17% to global economic growth, alongside its skilled workforce and vast market potential. He highlighted key initiatives like the Production Linked Incentive scheme, the India Semiconductor Mission, and the development of 12 new Industrial Smart Cities, all of which offer opportunities for deeper engagement with global businesses. He encouraged the business leaders to explore opportunities in skill development and other areas of economic growth.
Modi noted that India’s resilient supply chains, coupled with significant infrastructure development in sectors like railways, roads, ports, civil aviation, industrial parks, and digital connectivity, provide a solid foundation for increased investment.
The Prime Minister invited Singaporean businesses to increase their investment in India and take advantage of the country’s growth trajectory. Modi’s visit to Singapore marks the second leg of his two-nation tour, which began in Brunei.
