Singapore: Prime Minister Narendra Modi, who held a roundtable meeting with business leaders here on Thursday, urged the CEOs to invest more in India. During a live interaction, PM Modi stressed that India has immense business opportunities and added his government will make sure to support the companies in all spectrums. Those who attended the meeting included CEOs of Blackstone Singapore, Temasek Holdings, Sembcorp Industries Limited, CapitaLand Investment, ST Telemedia Global Data Centers, and Singapore Airways among others.
PM Modi flew to Singapore on Wednesday after wrapping his visit to Brunei, the first bilateral visit there by an Indian prime minister. "Collaborative initiatives have been identified in areas such as skilling, digitalisation, mobility, advanced manufacturing, semiconductors and AI, healthcare, sustainability and cybersecurity,” said the prime minister, who is on a two-day visit to the Asian financial centre with the global business network.
Singapore companies have a great opportunity to invest in India: PM Modi
Singapore is also an important facilitator of India’s Act East policy, Modi said. The Prime Minister emphasised that India is going through a development phase, wherein companies have great opportunities for investment. He stressed that the country is promoting green energy and therefore, the Singaporean companies who are already engaged in solar, and electrical industries can invest heavily in New Delhi. In return, the Prime Minister promised the CEO to provide full support from the government.
"Our government has launched a mission to scrap all government vehicles which are not in use. This is a huge opportunity for all of you who are dealing with the scrapping industry," said PM Modi.
Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam of Singapore also participated in the event.
INVEST INDIA office in Singapore
Prime Minister Modi acknowledged the role played by the Singaporean industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Singapore. To further facilitate their collaboration with India, the prime minister announced the setting up of an INVEST INDIA office in Singapore. He further added that the elevation of India-Singapore ties to a Comprehensive Strategic Partnership would give a major thrust to bilateral economic relations.
Talking of India's impressive growth story, its skilled talent pool, and expansive market opportunities, Modi highlighted that India is contributing 17 per cent to global economic growth. He spoke about various initiatives to enhance India's participation in global value chains through programmes such as the Production Linked Incentive scheme, India Semiconductor Mission and the establishment of 12 new Industrial Smart Cities.
He called upon business leaders to look at opportunities in India in the field of skill development. For businesses looking for resilient supply chains, the prime minister noted that India is the best alternative given its strengths. Modi assured the participants that India will increase the pace and scale of infrastructure development in his third term and apprised the CEOs of new opportunities in the fields of railways, roads, ports, civil aviation, industrial parks and digital connectivity.
(With inputs from agencies)
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