Arun Jaitley calls on Singapore PM Lee Hsien Loong ; discusses ways to step up trade

SINGAPORE: Finance Minister Arun Jaitley today called on Singapore Prime Minister Lee Hsien Loong and discussed steps to increase bilateral investment and trade.

"They discussed among others the issues of bilateral trade and investment relations, the recent global economic developments and their impact on both the countries and on the Asian region at large," an official statement said.

They also discussed the measures to increase the bilateral investment, it said.

The bilateral trade between India and Singapore stood at USD 16.9 billion during 2014-15.

The Finance Minister also congratulated the Prime Minister on his victory in the recent general elections.

Later, Jaitley also met the Foreign Affairs Minister of Singapore K Shanmugam.

During the day, the Finance Minister met the Board of Advisors and senior officials of Temasek, sovereign wealth fund of Singapore and discussed economic opportunities in India.

He also addressed a meeting of fund managers and institutional investors.

"Among others, the issues relating to International Financial Services Centre, Make in India, GST, structural reforms, banking sector reforms, high interest rates in India and measures taken by the Government to boost investment were discussed," it said.