S Jaishankar, Nirmala Sitharaman, Piyush Goyal to travel to Singapore for crucial talks

New Delhi: India and Singapore will look to further expand their cooperation in several key sectors such as trade, investment, advanced manufacturing and digitisation during a meeting of their top ministers on Thursday.

External Affairs Minister S Jaishankar, Commerce Minister Piyush Goyal, Finance Minister Nirmala Sitharaman and Minister of State for Electronics and Information Technology Jitin Prasada will travel to Singapore for the fourth India-Singapore Ministerial Roundtable (ISMR), according to the Ministry of External Affairs (MEA).

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During their visit, the ministers will interact with their counterparts and will also call on the Singaporean leadership, it said on Tuesday.

"The mechanism of ISMR is an important platform to drive cooperation including in new and emerging areas," it said.

Inaugural meeting of ISMR was held in New Delhi in September 2022, followed by the second meeting in Singapore in August 2024. The third ISMR meeting was held in New Delhi in August last year.

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"Deliberations on advanced manufacturing, connectivity, digitalisation, healthcare and medicine, skills Development, and sustainability, from these meetings drive the roadmap for India-Singapore Comprehensive Strategic Partnership (CSP Roadmap)," the MEA said in a statement.

The CSP was unveiled during the visit of Singapore Prime Minister Lawrence Wong to India in September last.

"The fourth round of ISMR will enable both sides to review the progress of various ongoing initiatives, and identify avenues to further strengthen India-Singapore collaboration," the MEA added.

The fourth edition of India-Singapore Business Roundtable that serves as a strategic and advisory forum of key business leaders will also be held along with the ISMR.

Boosting overall trade and investment between the two countries is likely to be one of the focus areas of the upcoming ISMR, people familiar with the matter said.

Singapore is India's largest trading partner in ASEAN (Association of Southeast Asian Nations).

It is the leading source of FDI, among the largest sources of external commercial borrowings and foreign portfolio investment.

Singapore was India's sixth-largest trading partner in the financial year 2024-25. India's imports from Singapore in 2024-25 were USD 21.2 billion, while the volume of exports to the country was USD 14.4 billion.

Over the past 10 years, Singapore's annual investments in India ranged between USD 10 billion and USD 15 billion.