New Delhi, 19 August (H.S.): Union Commerce and Industry Minister Piyush Goyal on Wednesday left for Singapore with a 70-member business delegation to strengthen trade and investment ties between India and Singapore.
According to a statement issued by the Ministry of Commerce and Industry on Wednesday, Goyal’s three-day official visit began on August 19. During the visit, the Commerce Minister will participate in the India-Singapore Ministerial Roundtable (ISMR) and the fourth India-Singapore Business Roundtable.
According to the ministry, Goyal will participate in the fourth India-Singapore Ministerial Roundtable on August 20 along with Finance Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, and Union Ministers Ashwini Vaishnaw, who holds the portfolios of Railways, Information and Broadcasting, and Electronics and Information Technology. During the visit, Goyal will also hold discussions with his Singaporean counterparts and other senior leaders.
The business delegation accompanying Goyal comprises representatives from artificial intelligence (AI), manufacturing, infrastructure, financial services, healthcare, food and agriculture, logistics, the maritime sector and trade-related industries. The discussions will focus on partnerships, investment, market access, technological cooperation and talent development.
Singapore remains one of India’s key economic partners and a major source of foreign investment. During the financial year 2025-26, Singapore emerged as the largest source of foreign direct investment (FDI) into India, contributing USD 19.8 billion. Between April 2000 and March 2026, cumulative FDI inflows from Singapore stood at USD 194.68 billion, accounting for 24.72 per cent of India’s total FDI inflows.
Bilateral trade between India and Singapore has grown substantially following the implementation of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). Trade increased from USD 6.7 billion in the financial year 2004-05 to USD 36.1 billion in 2025-26.
Singapore is also India’s largest trading partner within the Association of Southeast Asian Nations (ASEAN). It is additionally an important source of external commercial borrowings (ECBs) and foreign portfolio investment for India.
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Hindusthan Samachar / Jun Sarkar
