Envoy highlights India-Singapore’s 20+ bilateral mechanisms, dialogues and exercises
India and Singapore are now looking at new growth-drivers to propel the relationship for the next decade or more while having built an active calendar of more than 20 bilateral mechanisms, dialogues and exercises.
“We are now looking at new growth-drivers to propel the relationship for the next decade or more,” the Indian High Commissioner to Singapore, P. Kumaran, said on 11 May.
“We have an active calendar of more than 20 bilateral mechanisms, dialogues, and exercises,” he updated Singapore-based business community at a conference on ‘B20 India International Outreach Forum on Resilient Supply Chains for Trade and Connectivity’.
“Singapore is a very special partner for India, and it is evident from the fact that this year, under its G20 Presidency, India has invited Singapore to be a guest country at the forum,” he said in a keynote address.
Singapore is India’s largest trade partner in ASEAN and 6th largest trade partner (2020-21) globally, with a share of 3.2% of India’s overall trade. Singapore is now directly connected to 15 Indian cities by 8 airlines with more than 500 weekly flights both ways.
India is all set to host the eighteenth G20 Summit, making this year a special year for our country.
“B20 is the most prominent engagement group of G20, and it is natural to expect that the recommendations arising out of it will be given utmost consideration by the G20 leadership, he underlined.
“I am happy to note that B20, under India’s Presidency, has identified inclusive global value chains for resilient global trade and investment as a priority area for deliberations.
“We see Global Value Chains (GVCs) as one of the key drivers for sustainable growth and development of an economy.”
He reminded the business community members from India and Singapore at the event that a resilient supply chain is one that can withstand disruptions and adapt to changing circumstances, such as natural disasters, political instability, and economic changes.
“Resilient supply chains therefore prioritize flexibility, redundancy, and diversification to mitigate risks and ensure continuity, as opposed to regular ones that have traditionally focused mainly on efficiency and cost,” said the High Commissioner.
“These new attributes are critical in today’s globalized economy, as disruptions to supply chains can cause unacceptable delays, higher costs, and lost revenue for businesses.”
Kumaran pointed out that building resilient supply chains can be complex and costly. It requires businesses to invest in redundancies, diversify their suppliers, and improve communication and collaboration across the supply chain.
“Additionally, businesses must navigate geopolitical risks, such as trade tensions and political instability. Creating resilient supply chains is therefore a complex issue that requires sustained collaboration between government and industry.”
He also told the companies to have a clear understanding of the risks facing their supply chains. This can involve conducting risk assessments, developing contingency plans, and investing in insurance to protect against losses. There are several ways to increase the resilience of supply chains. fiinews.com
