Remarks by DPM and Minister for Trade and Industry Gan Kim Yong at the Business Roundtable with Prime Minister Narendra Modi

Your Excellency Narendra Modi, Prime Minister of India

Minister of External Affairs Dr S Jaishankar,

Minister for Home Affairs and Minister for Law K Shanmugam,

Mr Lim Ming Yan, Chairman of the Singapore Business Federation

Distinguished Guests,

Ladies and gentlemen,

INTRODUCTION

1. Good afternoon to all of you. It is my great pleasure and honour to welcome His Excellency Prime Minister Modi and his distinguished delegates to Singapore.

2. This marks Prime Minister Modi’s third official visit to Singapore and affirms the longstanding relationship that Singapore and India share.

LONGSTANDING SINGAPORE-INDIA RELATIONS

3. Much has changed since Prime Minister’s first visit to Singapore in 2015, where he spoke about his ambitions for Smart Cities and Make in India. Today, India is a fast-growing economy with new industrial corridors and emerging growth sectors in renewable energy, electronics and electric vehicles. Singapore has been a long-term partner in India’s growth, and we continue to have confidence in India’s economy. In FY2022, Singapore was India’s largest investor, accounting for about 23 percent of India’s FDI inflows since 2000. The strength of our economic ties is underpinned by many of the businessmen seated here with us today. They are the champions that drive trade and investments between India and Singapore.

ENCOURAGING B2B CONNECTIONS

4. As we move forward, it is important for our economies to stay nimble by tapping on the growth of new sectors while strengthening connections in traditional ones. That is why we have with us here leaders from a wide range of businesses. I have no doubt that you will share more about your investments and contributions across India and your interests in new business opportunities there.

5. Some of the businesses here today had also participated at the India-Singapore Business Roundtable, that was held here just last week. They agreed to work together on several workstreams, including industrial parks, skilling, infrastructure, digitalisation and many others. I invite all of you to share your views on how we can encourage more private sector collaboration in these domains.

CLOSING

6. Today’s forum serves as a platform to network and exchange insight, so that ideas can become realities. PM Modi and his delegation are here to hear from all of you and to share their vision of India and its economy. As we head towards the 60^th anniversary of diplomatic relations next year, I look forward to more exchanges between Singapore and India.

7. Thank you also to the Singapore Business Federation for organising this roundtable. I look forward to a fruitful discussion with all of you. Thank you.