Economic ties, key driver of Ind-Singapore relations: PM Modi

RSTV Bureau
Singapore: Prime Minister Narendra Modi addressing the Indian community at the Singapore Expo, in Singapore on Tuesday. PTI Photo.

Singapore: Prime Minister Narendra Modi addressing the Indian community at the Singapore Expo, in Singapore on Tuesday. PTI Photo.

Concentrating on economic ties, the key driver of India-Singapore relationship, Prime Minister Narendra Modi said Singapore has emerged as the “second largest source of FDI into India” while addressing the Indian diaspora at Singapore on Tuesday.

“Singapore is one of the top destinations for Indian investments. A significantly large number of companies are registered in Singapore,” he noted.

Noting that Singapore is India’s tenth largest trade partner globally and second largest in ASEAN, Modi said the bilateral trade has risen manifold.

Referring to the Act East Policy, proposed by External Affairs Minister Sushma Swaraj, PM Modi said “I am fully aware of the importance and role Singapore has played in Act East policy. I am looking to working with Singapore in a much bigger way”.

PM Modi also said that Singapore could join in launch of rupee bonds in foreign countries.

In reference to IMF chief Chrtistine Lagarde’s statement that India was a bright spot in the global economy, Modi said he was here to personally

Singapore: Prime Minister Narendra Modi addressing the Indian community at the Singapore Expo, in Singapore on Tuesday. PTI Photo

Singapore: Prime Minister Narendra Modi addressing the Indian community at the Singapore Expo, in Singapore on Tuesday. PTI Photo

deliver this message.

It was not only economic prospects that the Prime Minister was focusing on, he said he was expecting more exciting partnership between India and Singapore and that both nations can work in many “promising areas” for vertical and horizontal growth.

Ahead of the Climate Change Conference in Paris next month, PM Modi said India will do more than required for the cause and the commitment to mitigate the dangers of climate change arise from the “belief that nature is our mother.”

The Prime Minister also referred to the partnership in development of Amaravathi, the new capital of Andhra Pradesh, and the new container terminal at Jawaharlal Nehru Port. “We are also exploring potential partnership with Changi Airport of Singapore” for two airport terminals in India he said.

About his two-day Singapore visit, PM Modi said, “My visit has been very positive and productive and I had excellent meetings with Singapore leaders. We have concluded a strategic partnership which takes the relationship to a new level.”

“We have set high level of ambitions for this relationship. Our historic ties and cultural proximity are our assets,” he said, while referring to a large Indian diaspora present here.

(With inputs from PTI)