India, Singapore to launch ministerial mechanism to boost economic cooperation
New Delhi is all set to host the maiden India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries, on Saturday
India and Singapore will launch a new mechanism headed by their ministers of foreign affairs, finance and trade to enhance economic cooperation and to identify new areas for collaboration during Singapore deputy prime minister Lawrence Wong’s visit to the country beginning Saturday.
Wong, who also holds the finance portfolio, was in June named by Singapore Prime Minister Lee Hsien Loong as his new deputy, paving the way for him to become the city state’s next leader. However, there is still no clear time frame for a change in leadership in the ruling People’s Action Party.
A delegation that includes Singapore’s foreign minister Vivian Balakrishnan, trade and industry minister Gan Kim Yong and minister-in-charge of trade relations S Iswaran will accompany Wong for his five-day visit to India. This will be Wong’s first official visit to India in his capacity as deputy prime minister.
Wong and the other ministers will join external affairs minister S Jaishankar, commerce and industry minister Piyush Goyal and finance minister Nirmala Sitharaman for the maiden India-Singapore Ministerial Roundtable (ISMR) on Saturday.
The ISMR is a new ministerial platform between the two countries that seeks to deepen existing cooperation and identify opportunities for mutually beneficial collaboration in new and emerging areas, according to a statement from the Singapore Prime Minister’s Office.
Wong will also meet senior Indian leaders and other personalities during his visit. He will travel to Gujarat on September 18 to meet chief minister Bhupendrabhai Patel and to visit Gujarat International Finance City. Wong’s delegation will also include officials from the foreign and finance ministries.
On Thursday, Singapore unveiled plans for a massive revamp of its financial services industry by 2025 that is aimed at strengthening its position in the fight against climate change, mobilising capital to support sustainable financing and green fintech.
Wong announced the new roadmap to transform the financial services industry that envisages the creation of 3,000 to 4,000 jobs annually and average growth of between 4% and 5% each year. The plan will strengthen Singapore’s position as a finance hub in Asia against the backdrop of Covid-19 restrictions and concern about rival Hong Kong’s future in view of China’s growing scrutiny and tighter security measures.
The industry transformation map (ITM) includes a Singapore$100-million fund over five years to support sustainability within the finance sector in areas such as green fintech, new sustainable financing solutions and reinsurance.
“We know that we cannot build a regional and global financial centre with our local financial manpower alone and that’s why we continue to attract and retain top talent from abroad to form the best teams in Singapore,” Wong said.
Wong described Asia as a “key battleground” to fight climate change. “The financial sector must do its part – to mobilise capital through financing and investments that support the region’s transition to net zero,” he said.
