India, Singapore discuss deeper economic cooperation; Singapore tops FDI sources with USD 19.8 billion

In this image posted on Aug. 20, 2026, External Affairs Minister S. Jaishankar, front row, fourth from right; Finance Minister Nirmala Sitharaman, front row, fourth from left; Commerce and Industry Minister Piyush Goyal, front row, second from left; and Minister of State Jitin Prasada, front row, second from right, pose for a group photograph alongside Singaporean Deputy Prime Minister Gan Kim Yong, front row, centre; Foreign Minister Vivian Balakrishnan, front row, third from right; and other senior dignitaries during the India-Singapore Ministerial Roundtable (ISMR) in Singapore. | Photo Credit: Via PTI Photo

Union Ministers discussed ways to deepen India-Singapore economic cooperation across advanced manufacturing, fintech, digitalisation, healthcare and sustainability during the fourth India-Singapore Ministerial Roundtable (ISMR).

Union Minister of Commerce and Industry Piyush Goyal said in a social media post that he joined Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar and Minister of State for Electronics and Information Technology Jitin Prasada in engaging with their Singaporean counterparts at the ministerial roundtable.

“It was a pleasure to join my colleagues, Finance Minister @NSitharamanji, External Affairs Minister @DrSJaishankarji, and MoS @JitinPrasadaji, in engaging with our Singaporean counterparts at the 4th India-Singapore Ministerial Roundtable,” the Commerce Minister said.

He said the discussions focused on deepening the Comprehensive Strategic Partnership (CSP) between India and Singapore across key areas.

“We discussed deepening the Comprehensive Strategic Partnership (CSP) across advanced manufacturing, fintech, digitalisation, healthcare, and sustainability,” he said.

The delegation of the ministers is participating in the fourth India-Singapore Ministerial Roundtable and the fourth India-Singapore Business Roundtable (ISBR), with the meetings aimed at further strengthening bilateral trade, investment and economic cooperation between the two countries.

The fourth ISMR will review the progress made since the third roundtable held in New Delhi in August 2025.

The meeting will also explore new areas to speed up the implementation of the Comprehensive Strategic Partnership Roadmap, according to a joint statement by Singapore’s Ministry of Foreign Affairs and Ministry of Trade and Industry.

The discussions come as economic ties between India and Singapore continue to expand. Singapore was India’s largest source of foreign direct investment (FDI) in FY2025-26, accounting for USD 19.8 billion in inflows, according to the Commerce Ministry.

Cumulative FDI from Singapore stood at USD 194.68 billion between April 2000 and March 2026.

Bilateral trade has also increased significantly over the years. According to the Commerce Ministry, trade between India and Singapore rose from USD 6.7 billion in FY2004-05 to USD 36.1 billion in FY2025-26.