Singapore, India bolster relations in various fields

A corner of Singapore (Illustrative photo: www.indiaglobalbusiness.com/)

New Delhi (VNA) - India and Singapore further consolidated their strategic relations in 2021 to increase collaboration in fields that are likely to shape the future of both the countries, despite the challenges posed by the COVID-19 pandemic, reported the PTI news agency of India.

Though the pandemic crippled the global business environment, Singapore has been one of the largest sources of foreign investment in 2020-2021. India received 81.72 billion USD as Foreign Direct Investment, up 10 percent from the previous financial year.

India-Singapore bilateral trade has recovered from the disruptions of the past year, and is on track to touch new heights, Acting Indian High Commissioner Siddhartha Nath said.

Going into 2022, India and Singapore are collaborating in cutting edge areas that will shape the future in the context of
accelerating technological disruption - fintech, information technology, cybersecurity, skill development, smart city solutions and renewable energy.

There is great potential for cooperation in a wide range of other areas as well, such as increasing resilience of supply chains, logistics, skill development, and infrastructure, among others.

The strategic partnership between India and Singapore has shown its resilience and the countries look forward to further strengthening the relationship in the coming year, Nath said./.

VNA