The bilateral trade between Singapore and India rose to USD 35.6 billion in 2022-23, a progress of 18.2 per cent on the yr, a senior diplomat on the Indian High Commission right here mentioned on Saturday. Singapore is India’s eighth largest trade associate (2022-23), with a share of three.1 per cent of India’s general trade, T Prabakar, the First Secretary (Commerce) on the excessive fee mentioned.
He was addressing the Institute of Company Secretaries of India (ICSI) Third International Conference being held in Singapore from April 5-6. Trade between Singapore and India noticed a progress of 18.2 p.c in the yr and rose to USD 35.6 billion in 2022-23, Prabakar mentioned. “Our imports from Singapore in FY 22-23 have been USD 23.6 billion, a progress of 24.4 p.c, and exports to the city-state totaled USD 12 billion, up 7.6 billion in the earlier monetary yr,” he informed some 100 delegates on the convention.
In phrases of India’s exports, Singapore is the sixth largest export vacation spot in the world, and in phrases of imports, the city-state is the eighth largest supply for India globally throughout 2022-23. It isn’t solely in merchandise trade that India-Singapore ties are rising, Prabakar mentioned, including that FDI (overseas 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 mentioned. Giving an outline of India-Singapore relations, Prabakar identified that Singapore can be amongst India’s largest sources of External Commercial 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 two-day convention mentioned a variety of trade and know-how points, with ICSI members searching for insights into Singapore’s legislation associated to companies that may be complementary to company and small enterprises in India.
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