Sitharaman, Goyal In Singapore For Talks To Deepen Trade, Investment Ties

Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal are in Singapore for high-level talks aimed at deepening economic ties with the Southeast Asian financial hub.

While a 70-member Indian business delegation accompanying Goyal will seek new investment, trade and technology partnerships, Sitharaman is leading a ministerial delegation that includes External Affairs Minister S Jaishankar, Goyal, and Minister of State for Electronics and IT and Commerce and Industry Jitin Prasada for the fourth India-Singapore Ministerial Roundtable (ISMR).

The meeting is scheduled for August 20, according to official statements.

The ISMR, established in 2022, is the main high-level economic mechanism between the two countries and covers advanced manufacturing, connectivity, digitalisation, healthcare and medicine, skills development and sustainability. The fourth round will review progress in these areas and identify new opportunities to strengthen the economic partnership.

Goyal is on a three-day visit to Singapore from August 19 and is leading about 70 senior business leaders from sectors, including artificial intelligence, technology, manufacturing, infrastructure, financial services, healthcare, food and agriculture, logistics, maritime and trade.

The business delegation will hold government-to-business and business-to-business engagements focused on investment, market access, technology collaboration, partnerships and talent development, the commerce ministry said.

The ISMR will be held alongside the India-Singapore Business Roundtable, providing a parallel forum for business leaders from the two countries. The programme will also include an MoU-signing ceremony.

"The 4th ISMR will build on the progress made under these pillars and explore new opportunities to further strengthen the India-Singapore economic partnership," the finance ministry said in a post on X.

Indian ministers are also scheduled to engage with their Singaporean counterparts and senior Singaporean leaders. Goyal will call on Singapore Prime Minister Lawrence Wong during the visit, according to the statement.

Singapore is a major source of foreign capital for India and a key economic partner in Southeast Asia. India is seeking to build on those investment links while expanding cooperation in technology, manufacturing, digitalisation and other emerging sectors.

Bilateral trade has grown substantially since the implementation of the India-Singapore Comprehensive Economic Cooperation Agreement, rising from $6.7 billion in 2004-05 to $36.1 billion in 2025-26, according to government data.

Singapore was India's largest source of foreign direct investment in 2025-26, with inflows of $19.8 billion. Cumulative FDI from Singapore stood at $194.68 billion between April 2000 and March 2026, accounting for 24.72% of India's total FDI inflows.

The latest ministerial and business-level engagement comes as the two countries seek to advance the roadmap for their Comprehensive Strategic Partnership, with previous ISMR discussions helping shape cooperation across manufacturing, connectivity, digital technologies, healthcare, skills, and sustainability.