Bangkok, Sep 5 (EFE).— Indian Prime Minister Narendra Modi met his Singaporean counterpart, Lawrence Wong, in the city-state on Thursday to strengthen trade ties, focusing on increased cooperation in semiconductor manufacturing.
“The discussions with my friend PM Lawrence Wong… focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations,” Modi wrote on X following his meeting with the Singaporean prime minister.
The two leaders also visited a Singaporean company specializing in semiconductor and electronics manufacturing, one of the strategic sectors India is keen to develop to play a key role in the global chip supply chain, which is being reshaped by tensions between the United States and China.
Accompanied by several ministers, the leaders oversaw the signing of multiple memorandums of understanding to broaden collaboration across sectors, including technology and healthcare.
“Semiconductors and technology are important facets of India-Singapore cooperation. This is also a sector where India is increasing its presence,” Modi said.
“PM Wong and I visited AEM Holdings Ltd. We look forward to working together in this sector and giving our youth more opportunities.”
In recent months, India has announced several multi-billion-dollar deals with major chipmakers planning to establish operations in the country.
Unlike other manufacturing powerhouses like Taiwan and South Korea, which focus on high-end chips, Singapore is a leader in producing speciality chips used in cars, smartphones, and other devices.
Modi also met Indian diaspora in Singapore, where Indians constitute approximately 9 percent of the country’s residents, making them the third largest ancestry and ethnic group in Singapore.
“It was wonderful to interact with interns from Odisha’s World Skill Center who are visiting Singapore and interns from Singapore who have been to India as a part of the CII-Enterprise Singapore India Ready Talent Programme,” he wrote.
“I also met a team of Indian engineers working at AEM Holdings. Such cooperation is indeed special and celebrates human talent as well as innovation.”
Modi, who arrived in Singapore on Wednesday, met with Indian business leaders based in the city-state. According to official data, bilateral trade between India and Singapore is projected to reach $35.58 billion in 2023.
Modi’s visit to Singapore is part of India’s broader strategy to expand economic opportunities and political influence within the Association of Southeast Asian Nations (ASEAN), amid China’s dominance as the region’s largest trading partner.
Prior to arriving in Singapore, Modi visited Brunei, where he sought to bolster the sultanate’s natural gas exports and strengthen ties across multiple sectors.
Brunei Darussalam, the official name of the small sultanate on the island of Borneo, largely relies on oil and natural gas production and exports.
On Monday, Indian Foreign Secretary Jaideep Mazumdar said India, anticipating a significant rise in hydrocarbon demand, hopes to secure long-term supply agreements with Brunei.
This development follows a reduction in India’s oil imports from Russia in August, attributed to Russian suppliers’ unwillingness to offer further discounts, according to a report by the Indian outlet Business Standard.
While Russia once held the position as India’s top crude supplier, following steep discounts due to sanctions over the Ukraine war, Iraq reclaimed its position as India’s top supplier in August. EFE
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