Indian 2022-23 exports increased by 7.6% to $12bn
The bilateral trade between Singapore and India has grown to US$35.6 billion in 2022-23, a growth of 18.2 percent on the year, T. Prabakar, First Secretary (Commerce) at the High Commission of India in Singapore https://www.hcisingapore.gov.in/ , said on 6 April 2024.
“Our imports from Singapore in FY 22-23 were US$23.6 billion, a growth of 24.4 percent, and exports to the city state was totalled US$12 billion, up 7.6% in the previous financial year, he told some 100 delegates at the 3rd ICSI third International Conference being held in Singapore April 5-6.
Singapore, he said, is India’s eighth largest trade partner (2022-23) with a share of 3.1 percent of India’s overall trade https://www.hcisingapore.gov.in/ , he said.
In terms of India’s exports https://fieo.org/ , Singapore is the sixth largest export destination in the world and in terms of imports into India, Singapore is the eight largest source for India globally during 2022-23.
It is not only in merchandise trade that India-Singapore ties are growing. FDI equity inflows into India from Singapore during 2022-23 stood at US$17.2 billion.
The cumulative FDI inflows from Singapore to India stood at US$155.612 billion from April 2000 to Dec 2023, accounting for 23 percent of the total FDI flows into India.
Giving an overview of the India Singapore relations, Prabakar pointed out that Singapore is also amongst the largest sources of External Commercial borrowings for India.
Prabakar also highlighted a wide range of strategic cooperation in new fields, such as technologies https://www.fintechfestival.sg/ , AI and green energy.
The two-day conference discussed a wide range of trade and technology issues, with ICSI https://icsi.edu/home/ members seeking insights into Singapore’s law related to businesses that can be complementary to corporate and small enterprises in India.
“In recent years both, India and Singapore have been diversifying their engagement beyond traditional sectors venturing into unchartered territories, from FinTech to BioTech, Smart Cities to Sustainable development, Healthcare and Renewable energy. Over the years, this bond has evolved into a powerhouse of economic cooperation driving innovation, prosperity and sustainability across border,” Prabakar said.
ICSI elaborated on the conference sessions which explored the intersection of ESG and value creation, examining how ESG factors impact financial performance and can be integrated into the investment decision-making process.
Discussions also addressed challenges in ESG measurement and the growing importance of Diversity, Equity, and Inclusion (DE&I) for fostering a sustainable and innovative workplace culture. Additionally, the sessions covered the global Anti-Money Laundering (AML) regulatory landscape and the importance of integrating due diligence for standardized systems and capacity building.
The two-day event unfolded stimulating discussions related to the theme of the conference, through the following Panel Discussions and Special Sessions:
Sustainability Reporting – A Challenge or An Opportunity
Shifting Board Oversight from Operations to Risk and Strategy
Unleashing the Power of AI in Compliance
India -Singapore Bilateral Ties
Confluence of ESG into Value Creation
The Acceptance and Receptivity of DE & I
Combating Money Laundering
The Conference witnessed Seasoned Speakers from across economies, deliberating on pertinent topics and presented an unmatched opportunity of learning about the latest in governance and sustainability from around the world.
The knowledge partners for this unique two-day Conference were the Chartered Institute for Securities & Investment (CISI), Malaysian Association of Chartered Secretaries (MACS) and the International Valuation Standards Council (IVSC), said the ICSI. Fiinews.com
