Speech by Minister K Shanmugam SC at the DBS India-Singapore Connect Event in Mumbai, India

My good friend Mr. Piyush Goyal,

Minister of Commerce and Industry

My colleague, Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry

Mr. Piyush Gupta,

CEO of DBS

Distinguished guests,

Ladies & Gentlemen,

1. Good evening.

2. Once I spoke to the Indian audience, when I was Foreign Minister.

3. I was trying to persuade the Indian establishment to pay serious attention to Southeast Asia. If you look at the history of India and Southeast Asia, it’s very deep. 

Celebrating DBS’ achievements in India

4. Over the past 30 years, DBS has been in India and shown its commitment to India.

5. DBS has also helped to tremendously strengthen the economic linkages between India and Singapore.

6. DBS was the first Singaporean financial institution to come here and establish a base. It supported the entry of many Singaporean companies and investment into India.

7. It has also participated actively in digital pilots between India and Singapore, such as the UPI-PayNow linkage.

8. Another example: DBS, together with ICICI Bank, transacted an electronic Bill-of-lading, in real-time, through the TradeTrust framework.

9. DBS owes a large part of its success in India to the leadership of India’s Ministry of Finance, the Reserve Bank of India, and the Insurance Regulatory and Development Authority of India.

10. They have created a conducive financial ecosystem for businesses like DBS to thrive and innovate.

Singapore companies committed to India’s growth

11. DBS is not alone. Its story mirrors that of many Singapore companies, and more broadly, Singapore’s economic relationship with India.

12. This is a relationship built on trust, powered by vision, underscored by commitment.

13. For example, Capitaland, established India’s first IT park in Bangalore, early on during India’s IT boom. They also celebrated their 30th anniversary this year.

14. PSA started a small port in Tuticorin, in 1998.

15. Now, it operates ports all over India, including here, in Mumbai.

16. Early this year, PSA opened India’s first 100% renewable-powered container terminal at Jawaharlal Nehru Port Trust (JNPT) in Mumbai.

17. More recently, Sembcorp announced its large-scale green hydrogen plant in India, that will aim to send India’s first shipments of green hydrogen to Japan.

18. Meanwhile, Singapore Airlines’ stake in Air India will pave the way for deeper cooperation between the airlines and grow connectivity between Singapore and India.

19. GIC and Temasek have also helped to grow many Indian companies and start-ups in the sectors of healthcare, real estate, and e-commerce.

20. There are many more Singapore companies, in sectors such as telecoms, logistics, food, and urban solutions.

21. Our companies are present in states across India from Delhi to Tamil Nadu, Gujarat to Assam.

22. Singapore has been India’s largest investor, estimated value at: USD $160 billion. This is the value of cumulative FDI inflows from Singapore to India, from year 2000 to 2024.

23. Singapore is not the biggest country. India is hefty in size. So why are we talking about partnership? It’s because physical size and population size are key factors.

24. Agency in international affairs is also a key factor. India recognises that Singapore has that agency.

25. We are a global mold for the world’s largest financial centers. We have accounted for that for many years, we are backed by size by serious economic investors.

26. That agency, whether it is the United States, India Europe or China, they see a reason to reach out to Singapore.

27. US companies in Singapore is the largest presence in Southeast Asia, likewise for Europe, China, and there are 8000 Indian companies in Singapore.

28. They were able to invest this way, because of visionary leaders and policies in India which have continued under the current administration of Prime Minister Narendra Modi.

29. Business leaders have also helped us tremendously. For example, the late Mr Ratan Tata, was an important partner to Singapore on several of the pathbreaking ventures that I have mentioned.

Singapore: a hub for global Indian business

30. Today, India is the world’s 5th largest economy, and the fastest growing among them, at 6.5%.

31. A decade under the leadership of PM Modi has brought about transformative reforms, improvements to infrastructure, and to the ease of doing business in India.

32. Indian companies have also performed very well and are increasingly expanding outside of India.

33. Earlier examples for those who live in Singapore are Tata Consultancy Services, Infosys, Wipro, and Adani, which have made Singapore their Asia Pacific Headquarters.

34. More recently, others like HCLTech and Tech Mahindra have chosen Singapore as a space to test prototypes, co-develop solutions, and tap on technologies like AI, 5G, and cybersecurity.

35. Singapore offers Indian companies access to Asia, especially ASEAN’s rapidly growing economies.

36. They invest in Singapore because of our regional expertise and connectivity, our strong legal framework for IP and data, as well as our transparency and accountability in business operations.

India-Singapore partnership in the new world order

37. Our former Prime Minister, Mr Lee Kuan Yew, always believed that India is an intrinsic part of this unfolding new world order[1].

38. India is a major power, and has the heft to be bracketed with the United States, Europe, and China.

39. In this new world order, Singapore continues to be a good friend and partner to India.

40. We recently concluded the 2nd India-Singapore Ministerial Roundtable (ISMR) in Singapore.

41. We spent several hours together, discussing issues and areas where we could work together.

42. We agreed on six areas:

  (i) Sustainability,

  (ii) Digitalisation,

  (iii) Skills Development,

  (iv) Healthcare and medicine,

  (v) Advanced Manufacturing, and

  (vi) Connectivity.

43. In September, Prime Minister Modi visited Singapore and endorsed these areas of cooperation. PM Modi also witnessed the signing of MOUs.

44. Let me give a sense of the cooperation in a few areas.

45. On semiconductors, India is keen to develop its semiconductor industry.

46. Singapore is home to a diverse semiconductor ecosystem with manufacturing activities across the value chain, from design to water fab and packaging and testing.

47. It might come as a surprise that we account for 10% of all chips produced worldwide and 20% of equipment production in the value chain.

48. The players in our ecosystem are keen to enter India.

49. Under the MOU, we can grow the ecosystem. This includes policy exchange.

50. On digitalization – India’s digital public infrastructure, the strengths of its IT industry and talents, are well known.

51. Singapore is keen to work with India in areas such as Fintech.

52. We have strong regulatory frameworks for finance, data, and AI.

53. On skills, top students from Odisha are also invited for a six-month internship in Singapore. This provides them with hands-on learning, and exposes them to cross-cultural experiences.

54. We will also be looking at maintaining quality standards in technical skilling through certification.

Closing

55. In conclusion, the India-Singapore relationship is a strong and enduring one.

56. It is built on deep historic, diplomatic, and economic ties.

57. We look forward to building on this foundation and exploring new avenues for cooperation and innovation.

58. Thank you.

[1] Source: Speech by Minister Mentor Lee Kuan Yew at the 37th Jawaharlal Nehru Memorial Lecture in New Delhi, 2005.