Minister Sitharaman taps investors for ASEAN opportunities
Finance Minister Nirmala Sitharaman has paid a three-day visit to Singapore, ending on 11 Oct, meeting the prosperous city state’s President, Prime Minister and Foreign Minister as well as investors with focus on the trillion-dollar industrialization programme in progress for Vikshit Bharat 2047.
The visit, coming soon after the India-Singapore Ministerial Roundtable in Sept 2026, is seen by observers as the Indian government push towards building bridges through Singapore across the region and North Asia. The city state takes over the chairmanship of the strong 660 million resource-rich ASEAN markets of 11 countries next year.
Both India and Singapore are collaborating to boost two-way trade and investment: connecting ASEAN businesses to India and Indian enterprises to ASEAN markets, diplomatic observers said.
The call on President Tharman Shanmugaratnam initiated further strengthening of the India-Singapore bilateral diplomatic understanding that goes back to the founding days of the island as a port city, now a main transhipment centre for Indian exports and the largest generator of Foreign Director Investment into India.
“The meeting provided an opportunity to exchange views on taking forward the Comprehensive Strategic Partnership and further strengthening bilateral cooperation,” said the observers.
The observers in the know of urgency in developing Singapore link to the Southeast Asian markets as well as the North Asian industries including China, with which the island state has “a very close traditional and working relationship”.
“Pleased to welcome Indian Finance Minister Nirmala Sitharaman back to SG! We had a good discussion on global economic developments and on navigating the ongoing energy crisis. She also shared updates on developments in India and new opportunities for investment and cooperation,” Prime Minister Lawrence Wong said in a post on X.
“It was indeed a privilege to have met India’s Finance Minister, Nirmala Sitharaman,” he added.
Sitharaman discussed trade and investment through meetings with global corporations and regional investors here. The observers pointed out that emerging manufacturing industries from India need to build bridges to global markets facing disruptions caused by the West Asia conflict and more to come.
Minister Sitharaman met Temasek Holdings CEO Dilhan Pillay Sandrasegara during the visit and discussed expanding investment opportunities in India, particularly in infrastructure and other growth-oriented sectors, including through the National Investment and Infrastructure Fund (NIIF).
Temasek and its related Singapore companies are among leading investors in Indian industrial and financial sectors. More is expected from the city state’s businesses as India remains the most stable investment destinations with a double-digit return on the long-term.
A Business Roundtable with senior representatives of leading global investment firms, including Millennium Partners, Brevan Howard, BlackRock, PIMCO, Carlyle, ADIA, Temasek, Citadel and JPMorgan among others discussed India’s economic resilience, market opportunities, AI advancements and measures to attract global investment into Indian assets.
At the Singapore Business Federation (SBF), the Minister discussed opportunities for cooperation in semiconductors, AI, data centres, tokenisation and central bank digital currencies (CBDCs). Both sides welcomed collaboration between their respective central banks on emerging technologies.
The Minister also had put forward a list of select infrastructure projects prepared for consideration by Singaporean investors, including GIC and Temasek, highlighting the potential of further strengthening bilateral investment ties.
Elaborate discussions were held by the Minister with Kishore Moorjani, CEO, Alternatives, Private Funds and Chairman, India, CapitaLand Investment (CLI), along with Jeff French, Managing Director and Chief Operating Officer, Alternatives, Private Funds, and Arjun Pandit, Managing Director and Head of Credit, Private Funds.
SBF Chairman Mark Lee and Sitharaman discussed the need to strengthen India–Singapore business engagement through targeted business matching and visits by Singapore business delegations to India for meaningful interactions with Indian businesses and States.
Lee highlighted potential areas for collaboration, including semiconductor supply chains, MRO, food security and food processing.
“Moving forward, we will work sector-by-sector, and the Minister’s team will share a list of priority projects such that both large corporations and small enterprises from Singapore can study and indicate interest, alongside facilitated business-matching opportunities,” said SBF in a post on X.
“This builds on our ongoing work through the India Business Group, including 121 business matching sessions, the inaugural Singapore-India Forum, and our upcoming business mission to Uttar Pradesh. We look forward to unlocking more tangible opportunities for our business community,” said the SBF. “For businesses interested in India, please continue to engage us and our Singapore Enterprise Centre in Bengaluru.” Fiinews.com
