Sitharaman meets Singapore President, PM to strengthen economic ties

Finance Minister Nirmala Sitharaman on Friday met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong and discussed ways to further strengthen bilateral cooperation, deepen economic engagement and explore new investment opportunities between the two countries.

Sitharaman, who is on a three-day official visit to Singapore from October 9 to 11, held separate meetings with the country's top leadership as India and Singapore sought to advance their Comprehensive Strategic Partnership against the backdrop of evolving global economic challenges.

"Union Minister for Finance & Corporate Affairs Smt @nsitharaman called on H.E. Mr. @Tharman_S, President of Singapore, at The Istana, in Singapore, today. The meeting provided an opportunity to exchange views on taking forward the Comprehensive Strategic Partnership and further strengthening bilateral cooperation," the finance ministry said in a post on X.

During her meeting with Wong, the two leaders exchanged views on international economic developments, the continuing energy crisis and opportunities for expanding investment and cooperation.

"We had a good discussion on global economic developments and on navigating the ongoing energy crisis. She also shared updates on developments in India and new opportunities for investment and cooperation," the Singapore Prime Minister said in a separate post on X.

Investment opportunities discussed

Sitharaman also met Singapore Foreign Minister Vivian Balakrishnan, who highlighted the opportunities available to Singaporean companies seeking to participate in India's long-term economic growth.

"There are many opportunities for Singapore companies to participate in India's long-term growth prospects. Wishing Minister Sitharaman a very productive visit to Singapore," Balakrishnan said in a social media post following their meeting.

The discussions came as both countries continued efforts to expand cooperation in trade, investment, financial services and emerging sectors, building on their longstanding economic relationship.

Singapore has remained a major investment partner for India, serving as an important source of foreign capital and a regional financial hub for companies seeking opportunities in the Indian market.

Singapore leads FDI inflows

According to official data, Singapore is India's largest source of foreign direct investment (FDI), with cumulative inflows of approximately $194.68 billion between April 2000 and March 2026.

Singapore-based institutional investors, including sovereign wealth fund GIC and state-owned investment company Temasek, have substantial investments across different sectors of the Indian economy.

Their investments span financial services, infrastructure, technology, healthcare and other industries, reflecting the growing economic engagement between the two countries.

The bilateral relationship has also benefited from Singapore's position as a major international financial centre and India's expanding domestic market, providing opportunities for companies and institutional investors on both sides.

The latest meetings are expected to support ongoing efforts to strengthen economic cooperation under the Comprehensive Strategic Partnership, with particular emphasis on investment opportunities and the challenges posed by uncertain global economic conditions.

Sitharaman's official visit will continue until October 11, with further engagements aimed at advancing economic and financial cooperation between India and Singapore.