• UGI USER
  • Sep 06, 2024
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INDIA AND SINGAPORE SIGN 4 MOUS

Why in the news?

India and Singapore signed four MoUs to boost cooperation in health, education, digital technologies, and semiconductors, enhancing economic ties and establishing a Comprehensive Strategic Partnership.

source:worldmap

Economic and Strategic Cooperation:

  • PM Modi highlighted Singapore’s $160 billion investment in India, marking it as a key economic partner.
  • Both sides emphasised boosting trade, investment, defence, maritime security, AI, and fintech.
  • Connectivity projects and green corridors were discussed to enhance economic ties.

Highlights of the Key Agreements:

  • Digital Technologies: Cooperation in cybersecurity, 5G, quantum computing, AI, and upskilling/reskilling workers.
  • Semiconductor Ecosystem: Focus on cluster development, talent cultivation, and investments in India’s semiconductor sector.
  • Health Cooperation: Joint research, innovation, and promotion of Indian healthcare professionals.
  • Skill Development: Enhancing educational cooperation and technical/vocational training.
Significance of International Cooperation in Semiconductors:

  • Foundation of Technology: Essential for advancements in AI, quantum computing, etc., necessitating global collaboration.
  • Indo-Pacific Importance: Key players like the USA, Taiwan, and South Korea are in this region, crucial for India.
  • Specialized Supply Chain: Various countries dominate different semiconductor segments (USA for design, Taiwan for manufacturing).
  • Leverage Over China: Diversified collaboration can reduce dependence on China, strengthening supply chains.
  • Economic Growth: Leading in semiconductor manufacturing can boost economic growth.
  • Indian Semiconductor Mission: $363 million investment can attract significant funding.

India-Singapore Relations:

  • Bilateral Status: Elevated to Strategic Partnership in 2015.
  • Economic Ties: 6th largest trade partner for India in 2023-24, 3.2% of total trade.
  • FDI: Largest source of FDI into India in 2023-24, totaling $11.774 billion.
  • Trade Expansion: Comprehensive Economic Cooperation Agreement (2005) led to significant trade growth.