India and Singapore have witnessed a substantial boost in their bilateral trade, soaring to USD 35.6 billion during the fiscal year 2022-23, registering an impressive growth rate of 18.2%, as announced by a senior diplomat from the Indian High Commission. T. Prabakar, the First Secretary (Commerce) at the high commission, revealed this significant development on Saturday while addressing the Institute of Company Secretaries of India (ICSI) Third International Conference in Singapore, held from April 5-6. Prabakar highlighted that Singapore has firmly established itself as India’s eighth-largest trade partner for the fiscal year 2022-23, contributing to 3.1% of India’s overall trade. He delineated the dynamics of this flourishing trade relationship, elucidating that imports from Singapore surged to USD 23.6 billion, experiencing a remarkable growth of 24.4%, while exports to Singapore reached USD 12 billion, marking a notable uptick from the previous financial year.
In terms of India’s global trade landscape, Singapore emerges as a pivotal player, ranking as the sixth largest export destination and the eighth largest source for imports during the fiscal year 2022-23. Prabakar further underscored the deepening economic ties between the two nations by revealing that foreign direct investment (FDI) equity inflows into India from Singapore amounted to USD 17.2 billion during the same period. Cumulatively, FDI inflows from Singapore to India totaled USD 155.612 billion from April 2000 to December 2023, constituting a substantial 23% of the total FDI influx into India.
Delving into the multifaceted nature of India-Singapore relations, Prabakar shed light on Singapore’s significant contribution as one of the largest sources of External Commercial Borrowings (ECBs) for India. Moreover, he emphasized the expanding scope of strategic cooperation between the two countries in emerging fields such as technology, artificial intelligence (AI), and green energy. The two-day ICSI conference served as a platform for extensive discussions on various trade and technology-related subjects. Attendees, comprising around 100 delegates, sought insights into Singapore’s legal framework concerning businesses, recognizing its potential to complement both corporate giants and small enterprises in India.
As bilateral trade between India and Singapore continues to flourish, propelled by mutual interests and strategic partnerships, the prospects for further economic collaboration appear promising, poised to drive growth and innovation in both nations’ economies.
