His Excellency, Shri Piyush Goyal, Minister of Commerce and Industry,

His Excellency, Dr Shilpak Ambule, High Commissioner of India to Singapore,

FICCI, CII, ASSOCHAM and SBF Leaders,

Distinguished guests,

Ladies and Gentlemen

Introduction

1. Good morning. First, I would like to extend a warm welcome to Indian Commerce and Industry Minister Piyush Goyal and business leaders from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), and Associated Chambers of Commerce and Industry of India (ASSOCHAM). I am glad that three of India’s major business chambers have come together to organise this event in Singapore today, supported by the Singapore-Business Federation (SBF). This is a clear sign of the strong business networks between India and Singapore, which has predated our 60 years of relations and will continue for many more.

2. Just last month, I was in New Delhi with Singapore’s Prime Minister Lawrence Wong for his introductory visit.  It was not my first time in India but each visit has allowed me to witness the amazing developments taking place. India is fast becoming a manufacturing hub for electronics, electric vehicles, and green energy. Indian businesses titans not just in India but beyond in sectors like energy, IT, pharmaceutical, and emerging technologies like space. Our visit also came at time of great uncertainty in global trade amidst increasing US tariffs and as our countries struggle to recalibrate our economic strategies and look to diversify trade and investments.

Partnership for Growth and Innovation

3. Which is why it was all the more salient that Prime Minister Wong and Prime Minister Narendra Modi launched the Roadmap for the India Singapore Comprehensive Strategic Partnership (CSP). Singapore only has CSPs with 4 other countries. This means that our engagements with India are vital as they are wide-ranging - from defence and security to economics, technology and cultural and people-to-people relations. This roadmap will chart the direction for the next phase of Singapore-India relations. Alongside the CSP, we also signed 5 MOUs that cover strategic areas of mutual interests such as promoting collaboration in the Space sector and working together on a National Centre of Excellence for Advanced Manufacturing.

4. The India-Singapore Ministerial Roundtable (ISMR) - a special forum between the Indian and Singaporean ministers, including Minister Goyal - is tasked to promote partnerships between the two countries in new and strategic areas such as semiconductors, sustainability, industrial parks, digital technologies, skilling and even space.  The India Singapore Business Roundtable (ISBR), which some of you are a part of, mirrors this in the B2B space and allows the private sector to contribute ideas and policy feedback to make it easier to trade as well as opportunities to concretise these ideas.

5. The above platforms are intended to be a foundation and a catalyst for innovation and partnership between our two countries. But to really scale and make a difference, we need the participation of every start-up, SME, conglomerate and entrepreneur in India and Singapore. Business associations such as ASSOCHAM, CII and FICCI in India and the Singapore Business Federation and Singapore Indian Chamber of Commerce and Industry in Singapore have been instrumental in creating channels for networking, knowledge exchange, and to explore business opportunities over the years. Our business communities share many common interests and also benefit from the excellent connectivity - in shipping, aviation and financial and digital connections.  As we commemorate our 60 years of relations, I would like to challenge Singapore and Indian companies to take partnership to the next phase.

6. First, partner each other to find new markets. This could be in new sectors or Indian states where Singapore businesses are less familiar with in the North, Central or Northeast India. Conversely, Singapore and Singapore- based businesses can introduce Indian companies to networks in Southeast Asia, for example through the Johor Singapore SEZ or the wider ASEAN region.  And why stop there - we can look further afield to Africa to explore new supply chains, ventures.

7. Second, partner each other to create new products. A good example is the India-Singapore R&D Programme, a joint initiative between India’s Department of Science and Technology (DST) and Enterprise Singapore. It supports collaborative innovation projects through seed funding helping our start-ups and enterprises to co-develop solutions, test them in Singapore and then scale in India’s vast market.

8. Finally, partnering for change. At the PMV business roundtable, one business leader challenged India and Singapore to do more together for the world. I agree and I believe our companies can take the lead as well. For example, during COVID, the Indian Institute of Management (IIM) Alumni in Singapore raised funds and worked with Red Cross to deliver oxygen tanks to those in need. We need more partnerships to do social good in the areas of skilling, climate change and healthcare.

Conclusion

9. In today's volatile global landscape, it is more important than ever for businesses from India and Singapore to come together. By leveraging our complementary strengths, we can build resilient supply chains, drive innovation, and create sustainable growth. I am confident that the business event today would help to achieve this and chart new pathways.

10. Thank you, and I wish you fruitful discussions ahead.