India-Singapore working for development of semiconductor ecosystem: Prez Shanmugaratnam

Asserting that India is emerging as a major pole in world economy, Singapore President Tharman Shanmugaratnam on Saturday said his country was trying to contribute to the semiconductor ecosystem and the air connectivity sector. "India aspires to be a pole in its own right, in a multipolar world that is true geopolitically, but it is also true economically. India is emerging as a major pole of the global economy. India is a nation with which we would like to collaborate," he said, while briefing the media at the end of his two-day tour to Odisha.

"Because of its demographics, its own development processes, and significant potential in its export economy, India is a nation that Singapore would likely collaborate with," he added.

Stating that "India's priorities and Singapore's priorities are also very similar," the President added, "According to the priorities established under the India-Singapore Ministerial Roundtable, the two governments are working together to develop the semiconductor ecosystem in India. Singapore sees how it can contribute to the ecosystem and is also looking at new generation industrial parks, particularly Sembcorp is very actively exploring possible sites for development of new industrial parks."


Shanmugaratnam said both countries are also working very hard on skilling, which is a major factor to secure the future for India.

"As Singapore has some experience in the field, it intended to be a player in developing India's skill ecosystem," he said.

"Sustainability is a major priority for both countries. India is fortunate with solar and wind energy, and it is going to be a significant green ammonia producer. So, Singapore is keen to engage with India in the development of these sectors and also the green corridor leading to Southeast Asia, which may take more time but is a very important aspiration," the President said.

Stating that "connectivity is the key," he said, "During my meetings with the leadership in India, we shared our keenness to expand the air service agreement, which was revised for the last time about 10 years ago."

Expansion of the air service agreement would benefit both the countries and its economics, he added.