Minister highlights opportunity for India in ASEAN
The Association of South East Asian Nations (ASEAN) as a region benefits when China and India engage in all aspects of economic progress, Singapore’s Minister of State of Trade and Industry Alvin said on 8 Sept https://www.commerce.gov.in/.
“Alongside ASEAN, they (China and India) are drivers of Asia’s growth. And ASEAN is a platform where both giants can connect with the wider region,” he said at a forum on the recent China-India initiative to re-connect.
Combined China and India are markets of 2.8+ billion people and ASEAN, enjoying economic vibrancy, are 10 member markets of 630 million people https://www.bseindia.com/.
“We offer a thriving market, stability and opportunity for trade and cooperation,” said the Minister in a Keynote address at the “China and India: Fostering Growth, Investment and Trade Amid Global Uncertainty,” forum organized by two leading Singapore think tanks https://www.nseindia.com/.
As South East Asia’s largest trading partner, China and ASEAN have deeply integrated supply chains, underlined Tan, pointing out that China is also one of ASEAN’s top investors in infrastructure projects such as railways, ports and industrial parks.
For India, there is also an opportunity for the country to integrate supply chains with ASEAN for key sectors like semiconductors or green energy, he told 120 delegates including policymakers, business community, academics and civil society http://sgx.com.
“Both parties (India and ASEAN) are also working on initiatives that will further strengthen the ASEAN-India relationship via digital and green economic initiatives,” said Tan, also Minister of State for National Development.
Tan also separately elaborated on Singapore’s relationship with China and India.
“Singapore similarly recognises the importance of building a strong foundation of trust required for enduring China and India partnerships,” he said at the forum organized by the East Asian Institute and Institute of South Asian Studies, the two think tanks of the National University of Singapore https://www.meity.gov.in/.
China, he said, has been Singapore’s top merchandise trading partner since 2013, while the city state, now rated as Asian financial hub, has been the largest foreign investor in terms of investment flows in the Chinese economy.
This is underpinned by the China Singapore Free Trade Agreement (CSFTA), which is the first comprehensive bilateral FTA between China and an Asian country, he highlighted https://www.mea.gov.in/.
“Today, bilateral cooperation has expanded beyond economics to areas such as health, culture, and education. We continue to engage China’s leadership on wide-ranging areas of cooperation through our annual Joint Council for Bilateral Cooperation (JCBC),” said Tan.
With India, Singapore’s ties have also been long-standing and multifaceted. “We were the first to sign an FTA with India back in 2005, which created the conditions for greater trade and investments over the past two decades,” said the Minister.
In 2022, the India-Singapore Ministerial Roundtable (ISMR) was started. The third ISMR iteration was held last month in New Delhi.
“To strengthen our B2B partnerships, we also started the India-Singapore Business Roundtable, held in parallel with the ISMR,” he underlined.
The two countries’ commercial partnerships also go back to two decades. Singapore port company, PSA International, has been operating in India since 1998. Its combined investment of US$1.2 billion in the Navi Mumbai port makes it one of PSA’s largest investments in India to date.
“As time goes on, our leaders continue to foster strong ties with India,” he underscored.
Singapore, he pointed out, is supporting the development of India’s semiconductor ecosystem, cooperating on sustainable industrial parks, and collaborating on projects to provide India’s young and large workforce with the skills they need to support India’s new and growing sectors.
Tan continued, “India’s growing strengths as a manufacturing hub for electronics, electric vehicles, auto components and green energy have opened new pathways for Singapore to strengthen G2G partnership as well as provide opportunities for businesses from the city state to contribute to India’s growing economy.”
For this year, Singapore commemorated 60 years of diplomatic relations with India, and 20 years of the Comprehensive Economic Cooperation Agreement (CECA).
Prime Minister Lawrence Wong launched a road map for the two-year-old Comprehensive Strategic Partnership (CSP) with Prime Minister Narendra Modi during his official visit to India 2-4 Sept.
The CSP Roadmap will chart the direction for the next phase of Singapore-India relations, he said.
He pointed out that Singapore has long been intertwined with China and India. “We are a trading hub, facilitating centuries-old trade and cultural ties in the region, and we continue our legacy of trade and connectivity even today.
“Our people embody this living connection – Singapore’s Chinese and Indian communities, along with others, built our nation together and shaped our culture, from the food we eat to the festivals we celebrate. We stand ready as a platform where ideas, investment and innovation converge,” he said.
Singapore has a multi-national population of six million. Fiinews.com
