India and Singapore are set to announce several major initiatives and MoUs, such as the landmark MoU of the creation of a semiconductor ecosystem, during PM Narendra Modi’s visit to Singapore this week. The visit is planned for September 4-5 after Modi’s two-day visit to the Sultanate of Brunei. This visit constitutes an integral component for developing bilateral relations, especially in the manufacturing and semiconductor industries discussed during the recent India-Singapore ministerial roundtable.
Besides the fast-track semiconductor agreement that is being fast-track negotiated by the India Ministry of Electronics and the Information Technology Department and the Singapore Ministry of Trade and Industry, both countries will ink other agreement fields like information and digital technology, healthcare, and human resources development. These agreements have been under preparation for the past few months, and they show that the relationships are growing deeper.
It doesn’t have its home-grown semiconductor manufacturing giants, but Singapore has a developing equipment firm, material supplier, and research and development hub. These consist of integrated circuit design, wafer fabrication and testing and due to such developments, Singapore is a vital part of the global semiconductor value chain. Subsequently, the new MoU has the potential to further bolster India’s drive towards such creation by utilising Singapore’s vast experience and resources.
Jaideep Mazumdar, Secretary (East) in the Ministry of External Affairs, said India and Singapore have common stakes in the semiconductor industry. The insight that Singapore has had for more than two decades can help shape India’s own semiconductor industry.
On the tour, Modi will be holding a bilateral meeting with Singapore’s Prime Minister Lawrence Wong and President Tharman Shanmugaratnam, as well as interacting with business representatives. The talks will focus on the developments in bilateral strategic cooperation, as the anniversary of the tenth year of partnership with Azerbaijan will be in 2024, and the parties will discuss various regional and global challenges.
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