Commerce and Industry Minister Piyush Goyal recently concluded a three-day official visit to Singapore aimed at strengthening trade and investment ties between India and Singapore. The visit, which took place on Friday, October 3, 2025, underscored India's commitment to investment-led reforms and its robust economic growth, highlighting the vast opportunities available for global partners in manufacturing, infrastructure, financial services, and the green economy.
During his visit, Goyal engaged with Singaporean leaders to discuss ways to boost bilateral trade and investments. He met with Prime Minister Lawrence Wong to explore enhanced cooperation in innovation, digital connectivity, and sustainable development. Both leaders reaffirmed their commitment to strengthening the comprehensive strategic partnership between the two nations, building on the existing momentum and potential for future growth. Wong expressed Singapore's commitment to supporting India's skill development efforts, acting as a global partner for the National Centre of Excellence in Skilling in Chennai and assisting in the establishment of state-level skill centers in fields such as aviation Maintenance, Repair, and Overhaul (MRO) and semiconductors.
Goyal also met with Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong to discuss deepening industrial and trade cooperation between the two countries. They identified several avenues for collaboration, including advanced manufacturing, skilling, infrastructure, and digital connectivity. Furthermore, Goyal met with Foreign Minister Vivian Balakrishnan, where both parties reaffirmed their strategic trust and alignment on regional and global economic priorities.
A key event during the visit was the Business Roundtable on Foreign Direct Investment in the Manufacturing Sector, which saw participation from representatives of AmCham, EuroCham, the German Chamber of Industry & Commerce, and other business leaders. In his keynote address, Goyal emphasized India's pro-investment policies and its strategic initiatives to become a global manufacturing hub.
Goyal also engaged in high-level meetings with leading Singaporean corporations and institutional investors. Discussions with SIA Engineering Company focused on India's rapidly growing MRO sector and expediting the proposed India-Singapore Skilling Centre for MRO professionals in collaboration with Indian universities. CapitaLand Investment reaffirmed its commitment to expanding renewable energy solutions for data centers in Maharashtra and explored opportunities in industrial parks, worker housing, and credit financing. Royal Golden Eagle (RGE) provided an update on its tissue and pulp operations in India, discussed operational challenges, and expressed interest in knowledge exchange on sustainable forestry and reforestation practices.
Moreover, Goyal's meetings with GIC CEO-Designate Bryan Yeo and Temasek CEO Dilhan Pillay centered on scaling up India-focused portfolios across infrastructure, hospitality, renewable energy, financial services, and urban development.
The visit has further cemented the long-standing strategic and economic partnership between India and Singapore. Both countries have agreed to deepen cooperation in manufacturing, infrastructure, the green transition, the digital economy, and financial investments. Singapore is India's sixth-largest trade partner and the largest source of FDI. Cumulative FDI inflows from Singapore to India amounted to $174.88 billion between April 2000 and March 2025, constituting 24% of total FDI inflows into India. The Comprehensive Economic Cooperation Agreement (CECA) between the two countries has significantly boosted bilateral trade, which has grown from $6.7 billion in FY2005 to $35.61 billion in FY24.
