Singapore and India discuss bilateral cooperation on semiconductors, food security at ministerial meeting

Singapore and India held a ministerial roundtable meeting on August 20 to discuss cooperation on various areas, including semiconductors, food security, and skills development. The meeting, which took place at the Shangri-La hotel in Singapore, saw the signing of memorandums of understanding (MOUs) on food safety and maritime heritage.

During the talks, Deputy Prime Minister Gan Kim Yong highlighted the candid and open dialogue between the two nations, which has led to progress in bilateral collaboration. The Indian delegation included Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and State Minister Jitin Prasada.

Singapore's delegation was led by Trade and Industry Minister Gan Kim Yong, coordinating minister for national security and home affairs K Shanmugam, foreign affairs minister Vivian Balakrishnan, digital development and information minister Josephine Teo, and transport minister Jeffrey Siow. The Indian delegation also met with Prime Minister Lawrence Wong during their visit.

The ministers discussed six key pillars of collaboration: sustainability, digitalization, skills development, healthcare and medicine, advanced manufacturing, and connectivity. In advanced manufacturing, many semiconductor manufacturers have invested in India since an MOU was signed in 2024, with potential opportunities for local SMEs. The ministers discussed easing entry for companies into India and establishing training centers for semiconductor skills, particularly industry-led.

Digitalization initiatives, such as Singapore's PayNow and India's Unified Payments Interface collaboration, are progressing well. Project Nexus, aiming to link digital payments for multiple countries, is also a priority. The Singapore Exchange (SGX) and National Stock Exchange of India are exploring derivatives and dual listings to enhance access to capital for Indian businesses.

For food security, Singapore and India are exploring how to ensure supplies during crises like the COVID-19 pandemic. They also discussed collaboration in space technology and other common interests, including nuclear technology. An MOU for maintenance, repair, and overhaul (MRO) for the aviation industry is being finalized and is expected to be signed soon, benefiting Singapore Airlines' investment in Air India.