At a 5 September meeting between the countries' respective Prime Ministers Narendra Modi and Lawrence Wong, India and Singapore adopted a detailed, ambitious roadmap to take their "Comprehensive Strategic Partnership" forward. This roadmap covers multiple sectors and seeks to deepen cooperation in line with contemporary challenges and opportunities.
The two countries have exchanged five memoranda of understanding (MoUs) in key areas, including:
- Skills development (especially in advanced manufacturing, semiconductors, electronics, and aviation operations and maintenance) with the establishment of a National Centre of Excellence in Chennai, plus state-level skill centres.
- Digital asset innovation / financial innovation (between the Monetary Authority of Singapore and the Reserve Bank of India), to support cross-border financial and real economy flows.
- Civil aviation training, R&D, safety and air traffic.
- Green and digital shipping, including cleaner maritime corridors with decarbonisation and smart solutions.
- Aerospace cooperation (satellite communications, space policy and law).
India and Singapore agreed to expedite their review of the bilateral Comprehensive Economic Cooperation Agreement (CECA) between the two countries, alongside India's review of the ASEAN-India Trade in Goods Agreement (AITIGA).
The two leaders also witnessed the virtual inauguration of the Phase 2 expansion of PSA Mumbai, a container terminal at Jawaharlal Nehru Port in Mumbai. When completed, it will be India’s largest standalone container terminal, enhancing maritime and logistics connectivity.
The Singapore-India roadmap and the five MoUs could potentially accelerate cross-border investment flows, particularly from Singapore into India in relation to high-value manufacturing (e.g. semiconductors), logistics and supply chain infrastructure, and fintech / cross-border payment innovation.
Taking this public presentation of both countries' heads of state together with the recent India-Singapore Joint Working Group meeting, it marks a clear step forward in greater collaboration between the two countries. For India, it is an opportunity to advance the skills of its workforce, and promote increased integration into regional and global value chains. For Singapore, it offers access to the largest growing consumer market in Asia, opportunities for joint ventures, and greater diversification of investment deployment.
This renewed strategic partnership signals a significant deepening of India-Singapore economic and technological ties. As both nations align their strengths across key sectors, the roadmap lays a strong foundation for sustained collaboration, mutual growth, and greater regional integration.
Trowers & Hamlins' integrated team advises clients with business interests across India, Singapore, the wider ASEAN region and beyond. Please reach out to our regional specialists for support in navigating cross-border investment and future-proofing your business.
