India-Singapore strengthen role as digital finance leaders
Singapore companies thus far have signalled their intent for long-term partnerships in India’s high growth sectors like sustainability and infrastructure, including opportunities in green hydrogen, net zero industrial parks, business parks and data centres, says Tan Soon Kim, Deputy Managing Director at the Enterprise Singapore, a global business and investment promotion state agency https://www.commerce.gov.in/.
Singapore companies can strengthen their collaboration with Indian stakeholders and provide value-added services – be it in semiconductors, Industry 4.0 solutions or furniture manufacturing, he added.
“Notably manufacturing, especially for 4.0 and semiconductors is a huge area of opportunity for Singapore businesses,” said Tan, pointing out that Singapore’s investment into India grew to SGD109 billion in 2023, up 17 per cent on the year, a trend which is expected to continue in tandem with India’s rapid economic transformation https://www.bseindia.com/.
Tan shared his Indian market views in a commemorative supplement, “Celebrating 60 years of India-Singapore Partnership” which was released in Singapore on 17 Dec https://www.nseindia.com/.
Singapore remains India’s largest investor from the Southeast Asia region, contributing nearly US$174.88 billion in cumulative foreign direct investment in the past 25 years, around 24 per cent of the total inflows into the country, wrote Piyush Gupta, the former CEO of DBS Group, in the book.
“India and Singapore are strengthening their role as digital finance leaders in the region by forging a strategic fintech corridor, linking India’s fast growing financial landscape with Singapore’s globally connected ecosystem,” said Gupta. “This corridor acts as a gateway for India into ASEAN and the broader Indo-Pacific,” he underlined in the supplement.
“India is moving with purpose in developing its semiconductor industry and it is encouraging to see that the newly emerging sector is being positioned as a future design and innovation hub,” said Lennon Tan, President of the Singapore Manufacturing Federation (SMF).
The strategic projects announced under the India Semiconductor Mission show a clear intent to build a full-stack capabilities from design to fabrication, Tan wrote in the 112-page coffee-table book https://sbi.com.in/.
“The approved investments and pilot plants already in production reflect strong momentum. It’s encouraging to see India position itself not just as a backend assembler but as a future design and innovation hub,” said Tan.
He also highlighting the strong base of semiconductor industry in the city state and collaboration between the two countries in areas like joint skilling, streamlined equipment movement and R&D in chip design. “These are practical steps towards building a resilient supply chain,” he underlined https://www.makeinindia.com/home/.
Tan, who heads over 5,000 company members in SMF, noted that Singapore and India both understand the importance of the semiconductor sector and cooperation between the two countries is evolving accordingly.
SMF acts as a connector and facilitates business missions and joint ventures with Indian states like Tamil Nadu, Gujarat and Karnataka.
He elaborated, “Think long-term and think together. Whether you are a young entrepreneur in Pune or a precision engineer in Singapore’s Tuas industrial district, there’s opportunity in collaboration.”
Tan also pointed out that the semiconductor sector is complex, but it rewards consistency and partnership. “Let’s continue building this shared industrial fabric – strong, smart, and future-ready https://www.ibef.org/.”
The book, published by Singapore-based Sun Media and supported by SMF and the High Commission of India in Singapore, was launched jointly by the Indian envoy Dr Shilpak Ambule and SMF President Tan. It is part of the ongoing celebrations for 60 years of India-Singapore diplomatic relations. Fiinews.com
