look news india
PM Modi Singapore visit: Four MoUs were signed to strengthen bilateral partnership in various sectors during the visit of Prime Minister Narendra Modi and Singapore Prime Minister Lawrence Wong to Singapore on Thursday. The MoUs cover digital technology, semiconductors, health and medical sectors, and academic cooperation and skill development.
In this regard, PM Modi said, 'Singapore is an inspiration for every developing country. We also want to create many Singapores in India and I am happy that we are working together in this direction.'
Where is the consensus on this issue?
MoUs were signed on DPI, cyber-security, 5G, super-computing and AI technologies. An MoU was also signed on investment by Singaporean semiconductor companies in India. Apart from this, both the countries have also signed agreements for skill development in health services, technical and vocational education.
Singapore is a major economic partner of India
The Prime Minister also highlighted that Singapore is a key economic partner of India with investments of around $160 billion in the Indian economy, the Ministry of External Affairs said. The two countries also reviewed areas of defence and security, maritime domain awareness, education, AI, fintech, new technology domains, science and technology and knowledge sharing.
Why is Singapore important for India?
PM Modi has visited Singapore after six years. Modi's visit to Singapore is important for India's Act East Policy. Singapore is India's biggest trading partner among ASEAN countries. It is also India's sixth biggest trading partner. Singapore is also the main source of FDI coming to India.
Singapore plays an important role in the global semiconductor eco system. Singapore has more than 20 years of experience in this field. Therefore, during this time PM Modi will meet business leaders and CEOs of many big companies. Regional issues like South China Sea and Myanmar can also be discussed.
At present, India's entire focus is on the Act East Policy. India launched this policy during the 12th ASEAN-India Summit in November 2014. The aim of this policy is to counter the growing maritime capabilities in the Indian Ocean and to build strategic partnerships in the South China Sea and the Indian Ocean. PM Modi's visit to Brunei and Singapore is considered very important under India's Act East Policy.