Singapore will strongly support India’s G20 priorities, says trade minister Gan & More Trending News


Singapore will strongly support India’s G20 priorities in immediately’s unsure international panorama towards the backdrop of the strained multilateral system, Trade and Industry Minister Gan Kim Yong has stated.

India assumed the Presidency of the G20 for one yr from December 1, 2022, to 30 November 2023.

“We are confident that under its G20 leadership, India will put forth an agenda that is inclusive, ambitious, action-oriented and decisive. Singapore will lend our strong support to India’s G20 priorities,” he stated on the 74 Republic Day reception hosted by the Indian High Commissioner right here on Wednesday.

“This year India is playing a key role in shaping the global agenda as it assumed the presidency of G20,” Gan stated, including that he was glad that such reception was being resumed after the pandemic and reflecting on the progress made in bilateral operations.

The G20 or Group of 20 is an intergovernmental discussion board of the world’s main developed and growing economies.

It includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

The theme of India’s presidency is “One Earth, One Family, One Future” which exhibits its dedication to ‘Vasudhaiva Kutumbakam’ (the world is one household).

“The theme of One Earth, One Future calls on all of us to work together on common challenges we face in today’s uncertain global landscape against the backdrop of the multilateral system that is under strain,” stated Gan.

He additional elaborated on the shut ties between India and Singapore and their collaboration in lots of conventional areas similar to defence, trade and tradition, noting that financial cooperation between the 2 international locations has grown from power to power.

Singapore is the most important overseas investor in India and Singapore firms’ funding has elevated from USD 1.3 billion in 2005 to USD 6 billion in 2020, a 50-fold enhance over simply 15 years. There are some 440 Singapore firms working in India.

Indian firms make up the most important overseas contingent in Singapore, totalling over 8,000, and take part within the metropolis state’s prosperity in sectors similar to IT Education to logistics and manufacturing.

“These (Indian) companies contribute significantly to Singapore’s economic performance and growth,” the minister stated.

Even throughout the COVID-19 pandemic, financial ties between India and Singapore continued to develop.

Singapore firms have discovered good companions from India and have scaled up and diversified their companies by way of these partnerships each inside India and past.

He cited the instance of Capitaland and Phoenix Group for growing enterprise parks in Hyderabad and India’s TVS Motor’s partnership with Singapore-based provide chain Agro Corp International to distribute bikes in Myanmar.

Such partnerships not solely assist companies to develop however the two international locations collectively.

“We have also made good progress on collaboration between Singapore Pay Now and India’s Unify Payment Interface to enable faster and lower cost fund transfer between our two countries, benefiting both the visitors in Singapore and India,” he stated. Singapore and India are additionally exploring talent growth areas given the potential of India’s vibrant youths, he stated. Among others, Singapore works carefully with State Governments on vocational schooling, he added. ”We proceed to leverage robust relations and a deep reservoir of belief we share to discover the right way to broaden cooperation and collaboration in new and vital areas,” he stated.

On the regional entrance, he referred to as for India and ASEAN to work collectively for the prosperity of Southeast Asian international locations. ASEAN and India have additionally established a complete strategic place to take regional relations to the subsequent stage. There is way scope to step cooperation in rising sectors together with the digital financial system, connectivity and cities. “ASEAN and India must work together to ensure our region remains open, inclusive and prosperous,” stated the Singapore minister.

Meanwhile, over 350 Indiaspora joined High Commissioner V Kumaran on the flag-hoisting ceremony on the chancery on Thursday morning the place college students from native Indian faculties sang patriotic songs.

(This story has not been edited by Devdiscourse employees and is auto-generated from a syndicated feed.)

Singapore will strongly support India’s G20 priorities, says trade minister Gan

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Singapore will strongly support India’s G20 priorities, says trade minister Gan

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