India Singapore commerce: India-Singapore bilateral commerce grew 18.2% to $35.6 bln in FY 2022-23

He was addressing the Institute of Firm Secretaries of India (ICSI) Third Worldwide Convention being held in Singapore from April 5-6.

Commerce between Singapore and India noticed a progress of 18.2 per cent within the 12 months and rose to USD 35.6 billion in 2022-23, Prabakar stated.

“Our imports from Singapore in FY 22-23 have been USD 23.6 billion, a progress of 24.4 per cent, and exports to the city-state totalled USD 12 billion, up 7.6 billion within the earlier monetary 12 months,” he informed some 100 delegates on the convention.

By way of India’s exports, Singapore is the sixth largest export vacation spot on the planet, and by way of imports, the city-state is the eighth largest supply for India globally throughout 2022-23.

It isn’t solely in merchandise commerce that India-Singapore ties are rising, Prabakar stated, including that FDI (overseas direct funding) fairness inflows into India from Singapore throughout 2022-23 stood at USD 17.2 billion. The cumulative FDI inflows from Singapore to India stood at USD 155.612 billion from April 2000 to December 2023, accounting for 23 per cent of the overall FDI flows into India, he stated. Giving an summary of India-Singapore relations, Prabakar identified that Singapore can be amongst India’s largest sources of Exterior Industrial borrowings.

He additionally highlighted a variety of strategic cooperation between the 2 nations in new fields, equivalent to applied sciences, AI and inexperienced vitality.

The 2-day convention mentioned a variety of commerce and expertise points, with ICSI members looking for insights into Singapore’s regulation associated to companies that may be complementary to company and small enterprises in India.