SINGAPORE: Singapore and India have decided to cooperate in several brand new areas, ranging from as well as energy security, green technology to digital connectivity, Deputy Excellent Minister Lawrence Wong said on Wednesday (Sep 20).
Speaking to journalists after a five-day trip to India , this individual added that the inaugural India-Singapore Ministerial Roundtable can serve as the platform for regular meetings between both sides and to coordinate new regions of partnership moving forward.
Mr Wong, who might be also Finance Minister, said Singapore has been in talks with India on how to strengthen the connection between both countries, but the COVID-19 pandemic put many of these intentions of hold for the past 2 and a half years.
“With the COVID situation improving both in our countries, we were able to resume conversations, ” he mentioned, adding that each countries eventually selected a new high-level ministerial roundtable as a way to improve cooperation.
“That’s why I was happy this time to be able to come here to launch the roundtable and also to meet with my alternatives.
“We had very candid, really wide-ranging discussions throughout a wide range of areas, and also agreed on many new areas of assistance, including on as well as energy security, on green technology, especially green hydrogen, on digital connectivity and skills development, ” he said.
Mr Wong noted that Singapore and India have “complementary strengths” in several places.
Citing monetary technology (fintech) as an example, he described Indian as having “considerable potential” given its efforts in digitalisation and “explosive growth” in the start-up space.
Singapore is growing its fintech ecosystem. While Singapore may be “a smaller market”, the country serves the broader region given its part as a financial center, said Mr Wong.
This means opportunities for both edges to collaborate within fintech – any that will be given a lift by the new agreement signed by Monetary Authority of Singapore and India’s International Financial Services Centers Authority over the weekend.
“(Fintech companies) can test, they can test, they could innovate through a regulating sandbox in both Gift City (Gujarat Worldwide Finance Tec-City) plus Singapore, and potentially scale their options in both jurisdictions, ” he added.
Mr Wong also expressed his desires for the high-level ministerial roundtable, held initially as part of his visit, to be an annual event moving forward.
“We want the ministerial roundtable to be a standing up arrangement for ministers on both sides to meet on a regular basis, ” he added, although this individual stressed that the meeting will take on a “flexible” format that can adjust to changing needs plus demands.
For instance , the Deputy Best Minister was joined up with by Foreign Minister Vivian Balakrishnan, Minister for Trade plus Industry Gan Betty Yong, and Ressortchef (umgangssprachlich) for Transport and Minister-in-charge of Trade Relations S Iswaran at the roundtable. The Singapore ministers met their Indian native counterparts in the 3 areas of foreign affairs, finance and industry and industry, yet future meetings can include more ministers depending on the areas talked about, said Mr Wong.
The ministers were also joined up with by business leaders from both nations this time.
“We are working out the particular frequency of the meetings, but it is likely to be an annual event. The file format of it – that are the participating ministers, whether business delegations are joining us – these are items that we will evolve and adjust from year upon year, ” Mr Wong said.