India-Singapore's big partnership, important consensus reached from defense to semiconductors

International News: The meeting between PM Modi and PM Wong in Delhi breathed new life into India-Singapore relations. Both leaders called this meeting not just diplomacy but a roadmap for future partnership. Here, defence, technology and investment were discussed openly. A pledge was taken to further strengthen the relations between the two countries. In the meeting, both sides agreed that defence cooperation is the most important area. An agreement was reached to increase joint training and technical assistance between the Army, Air Force and Navy. It was also decided to open a new path of cooperation in defence equipment and technology. This will further strengthen the security system of both countries.

India and Singapore paid special attention to the semiconductor ecosystem. Taking forward the earlier agreement, it was decided to work on investment, trade and skill development. Companies of both the countries will move forward together to promote semiconductor manufacturing in India. This area can prove to be the biggest cooperation in the times to come.

Green and Digital Corridors

An agreement was reached on green and digital shipping corridors in the meeting. Its aim is to create a zero-emission fuel supply chain. This step will benefit the maritime industry and also control pollution. This agreement will set the direction for sustainable development in the future.

Space and Digital Innovation

India has already launched 18 satellites of Singapore. Now both the countries have decided to increase partnership on space technology and startups. Along with this, MoUs were also signed on digital asset innovation and central bank digital currency. This will bring a big change in the fintech and technology sector.

Expanding business relationships

Both the leaders expressed happiness that while the trade between the two countries was 6.7 billion dollars in 2004-05, it has now reached 35 billion dollars. The possibility of further increase in investment was expressed. Also, an agreement was reached to review CECA and ASEAN-India Trade Agreement.

Five important agreements were signed

A total of five agreements were signed in the meeting. These include green-digital shipping corridor, space cooperation, civil aviation training, digital asset innovation and establishment of Advanced Manufacturing Skill Development Centre in Chennai. All these agreements will take the partnership between India and Singapore to new heights in the coming times.