Singapore, September 5 : Singaporean companies from diverse sectors committed an investment of over Rs 5 lakh crore (around USD 60 billion) in the next few years during a roundtable with Prime Minister Narendra Modi on Thursday.
PM Modi interacted today with a group of leading Singaporean CEOs from diverse sectors, including investment funds, infrastructure, manufacturing, energy, sustainability, and logistics.
Deputy Prime Minister H.E. Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam of Singapore participated in the event.
Appreciating their investment footprint in India, PM Modi acknowledged the role played by the Singaporean industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Singapore.
To further facilitate their collaboration with India, the Prime Minister announced the setting up of an INVEST INDIA office in Singapore, a PMO release said.
He further added that the elevation of India-Singapore ties to a Comprehensive Strategic Partnership would give a major thrust to bilateral economic relations.
PM Modi noted that India had made transformative progress in the last ten years and would continue on the same path given its strengths of political stability, policy predictability, Ease of Doing Business, and its reform oriented economic agenda. It is set to become the third-largest economy in the world over the next few years.
Talking of India's impressive growth story, its skilled talent pool, and expansive market opportunities, he highlighted that India is contributing 17 per cent to global economic growth. Prime Minister spoke about various initiatives to enhance India's participation in global value chains through programmes such as Production Linked Incentive scheme, India Semiconductor Mission and establishment of 12 new Industrial Smart Cities. He called upon the business leaders to look at opportunities in India in the field of skill development.
For businesses looking for resilient supply chains, PM Modi noted that India is the best alternative given its strengths. He assured that India will increase the pace and scale of infrastructure development in his third term and apprised the CEOs of new opportunities in railways, roads, ports, civil aviation, industrial parks and digital connectivity.
Prime Minister invited Singaporean business leaders to look at investment opportunities in India and to increase their presence in the country.
PM Modi came to Singapore from Brunei in the second leg of his two-nation visit.
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