The bilateral commerce between Singapore and India rose to USD 35.6 billion in 2022-23, a development of 18.2 per cent on the 12 months, a senior diplomat on the Indian Excessive Fee right here stated on Saturday. Singapore is India’s eighth largest commerce associate (2022-23), with a share of three.1 per cent of India’s general commerce, T Prabakar, the First Secretary (Commerce) on the excessive fee stated.
He was addressing the Institute of Firm Secretaries of India (ICSI) Third Worldwide Convention being held in Singapore from April 5-6. Commerce between Singapore and India noticed a development of 18.2 p.c within the 12 months and rose to USD 35.6 billion in 2022-23, Prabakar stated. “Our imports from Singapore in FY 22-23 have been USD 23.6 billion, a development of 24.4 p.c, and exports to the city-state totaled USD 12 billion, up 7.6 billion within the earlier monetary 12 months,” he advised some 100 delegates on the convention.
By way of India’s exports, Singapore is the sixth largest export vacation spot on the earth, and when it comes to imports, the city-state is the eighth largest supply for India globally throughout 2022-23. It isn’t solely in merchandise commerce that India-Singapore ties are rising, Prabakar stated, including that FDI (international direct funding) fairness inflows into India from Singapore throughout 2022-23 stood at USD 17.2 billion.
The cumulative FDI inflows from Singapore to India stood at USD 155.612 billion from April 2000 to December 2023, accounting for 23 per cent of the overall FDI flows into India, he stated. Giving an summary of India-Singapore relations, Prabakar identified that Singapore can also be amongst India’s largest sources of Exterior Industrial borrowings.
He additionally highlighted a variety of strategic cooperation between the 2 nations in new fields, akin to applied sciences, AI and inexperienced vitality. The 2-day convention mentioned a variety of commerce and know-how points, with ICSI members searching for insights into Singapore’s regulation associated to companies that may be complementary to company and small enterprises in India.
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