New Delhi: The Singapore prime minister, Lawrence Wong, on Friday said he had a productive discussion with Union finance minister, Nirmala Sitharaman, on global economic developments and the ongoing energy crisis, as India looks to expand economic cooperation with the Southeast Asian nation. The meeting took place during Sitharaman’s three-day official visit to Singapore from October 9 to 11, aimed at strengthening bilateral economic ties and exploring fresh investment opportunities.
“Pleased to welcome Indian finance minister Nirmala Sitharaman back to SG!” Wong said in a post on X, adding that the two discussed navigating the ongoing energy crisis. He also said Sitharaman shared updates on developments in India and new opportunities for investment and cooperation.
Wong also highlighted the longstanding relationship between the two countries, saying Singapore and India shared strong and substantive ties that continued to expand across multiple sectors. He expressed confidence in building on the existing momentum and strengthening bilateral cooperation in the years ahead.
During the visit, Sitharaman is scheduled to meet the Singapore president, Tharman Shanmugaratnam; deputy prime minister, Gan Kim Yong; and foreign minister, Vivian Balakrishnan. Her engagements are expected to advance cooperation under the India-Singapore Comprehensive Strategic Partnership and follow up on the outcomes of the India-Singapore Ministerial Roundtable.
A key focus of the visit is to bring Singapore-based and international investors closer to opportunities in India’s economy. Sitharaman will attend a roundtable with hedge fund and portfolio fund managers and hold discussions with business leaders, financial institutions and investors on India’s growth prospects and developments in the global economic and financial landscape.
The agenda will also cover trade and investment, digital financial connectivity, capital markets, taxation, semiconductors, advanced manufacturing, skill development and aviation. These sectors offer opportunities to expand commercial ties and encourage investment in areas central to India’s economic growth and industrial development.
Durin the visit Sitharaman is also scheduled to hold individual meetings with senior executives from major global financial institutions, investment firms and healthcare companies. The organizations represented include Singapore’s sovereign wealth funds GIC and Temasek, DBS Bank, Standard Chartered Bank, British International Investment and IHH Healthcare, along with Mitsubishi UFJ Financial Group, B Capital, HPS Investment Partners, SEB, Mitsui & Co. and TPG.
Singapore is the largest investor of foreign direct investment in India, with total investments of $194.68 billion between April 2000 and March 2026. Besides that, there have been many institutional investors from Singapore, like GIC and Temasek, who have invested in the Indian economy.
The national investment and infrastructure fund and GIFT City could offer further avenues for Singaporean investors to invest in Indian businesses, infrastructure and financial markets. The finance ministry is working with relevant government departments and industry bodies to connect interested investors with Indian companies, financial institutions and state governments to help move potential investment opportunities forward.
The visit is designed to build on these established economic links by bringing together government leaders, institutional investors and businesses. India and Singapore seek to widen the scope of their strategic partnership through greater investment and commercial cooperation, with talks on financial services, advanced manufacturing and emerging technologies.