On Thursday, Prime Minister Narendra Modi positioned India as the "best alternative" for building resilient supply chains in a pitch to Singapore’s business leaders. He encouraged them to explore opportunities in sectors such as roads, railways, ports, and civil aviation, as his government intensifies efforts to boost infrastructure development.

Prime Minister Narendra Modi met with leading Singaporean CEOs from various sectors, including investment funds, infrastructure, manufacturing, energy, sustainability, and logistics. He was joined by Singapore's Deputy Prime Minister Gan Kim Yong and Home Minister K. Shanmugam. Singapore was India's largest source of foreign direct investment (FDI) last year, with cumulative investments totalling $160 billion since 2000.

India has ramped up efforts to establish supply and value chains with trusted partners in Asia and Europe, aiming to reduce reliance on China amid the ongoing military standoff along the Line of Actual Control (LAC). Prime Minister Modi has emphasised Singapore's role as an "important anchor" for India’s decade-old Act East policy.

While encouraging Singapore’s business leaders to explore investment opportunities and expand their presence in India, Modi presented the country as the "best alternative" for businesses seeking resilient supply chains, according to a statement from the external affairs ministry. He also announced that an Invest India office would be established in Singapore to foster collaboration.

Prime Minister Modi assured the CEOs that India would "increase the pace and scale of infrastructure development" and highlighted new opportunities in railways, roads, ports, civil aviation, industrial parks, and digital connectivity. He also encouraged them to explore opportunities for skill development.

Modi stated that the elevation of bilateral relations to a comprehensive strategic partnership would significantly boost economic ties. He emphasised that India would continue making "transformative progress" due to its political stability, policy predictability, ease of doing business, and reform-driven economic agenda.

Prime Minister Modi highlighted India's initiatives to boost its role in global value chains, including the Production Linked Incentive scheme, the India Semiconductor Mission, and the creation of 12 new industrial smart cities.

Notable business leaders attending the roundtable included Singapore Business Federation Chairman Lim Ming Yan, Singapore Business Federation CEO Kok Ping Soon, Blackstone Singapore Senior Managing Director and Chairman Gautam Banerjee, Temasek Holdings Chairman Lim Boon Heng, and DBS Group CEO Piyush Gupta.

Prime Minister Modi also met with Singapore President Tharman Shanmugaratnam to discuss bilateral and global issues. Both leaders acknowledged the longstanding cooperation between India and Singapore, emphasising that it is built on a foundation of trust, mutual respect, and complementarity.

“They shared thoughts on how India and Singapore can expand their cooperation to new areas such as advanced manufacturing and in emerging technologies,” the external affairs ministry said in a readout.

Prime Minister Modi also held separate meetings with Senior Minister and former Premier Lee Hsien Loong, who hosted a lunch in his honour, and Emeritus Senior Minister Goh Chok Tong. Modi expressed appreciation for Lee’s contributions to the development of the bilateral strategic partnership, noting that there is significant potential to further strengthen ties. He also acknowledged that Goh’s efforts during his tenure as prime minister laid a strong foundation for advancing bilateral relations.

Image source: ANI