Singapore Visit
Modi calls Singaporean companies to India, announces plan for 100 airports
This story was originally published at 20:05 IST on 5 September 2024
Register to read our real-time news.Informist, Thursday, Sep 5, 2024
NEW DELHI – Prime Minister Narendra Modi today interacted with Singapore's business leaders from diverse sectors including investment funds, infrastructure, manufacturing, energy, sustainability and logistics, and invited them to invest in India. He said the Indian government is moving forward with "progressive policies and providing a stable ecosystem for businesses" in the country.
Prime Minister Modi said his government plans to build over 100 airports in the near future and invited Singaporean aviation companies to invest in airport construction and take the destinations for operation, calling it a "win-win situation". He asserted that India's aviation sector is the world's fastest growing sector and that his government is unable to cater to the current demand of the aspirational society. He said that the aviation infrastructure is his government's top priority. "We want more competition in domestic (aviation) sector. The entire sky is open. We don't have enough companies to cater to the demand of domestic sector. We want you to invest in domestic sector as well," Modi told the business leaders.
The prime minister asserted that India is aggressively moving ahead in the semiconductor sector and five companies have already started work in the country. "We want to bring the entire semiconductor ecosystem to India. India has talent. India has political stability. We are moving ahead with predictable and progressive policies," Modi said.
The prime minister also said the government is moving towards scrapping old government vehicles, ambulances and public transport vehicles, and wants to replace them with hybrid or electric vehicles.
To further facilitate Singapore industry leaders' collaboration with India, Modi announced the setting up of an INVEST INDIA office in Singapore. He further added that the elevation of India-Singapore ties to a comprehensive strategic partnership would give a major thrust to bilateral economic relations.
He called upon business leaders to look at opportunities in India in the field of skill development. For businesses looking for resilient supply chains, Modi noted that India is the best alternative given its strengths.
The business round table meeting was attended by leaders of 20 Singaporean companies. The Singapore Embassy in India said that 18 key companies have pledged to double their investment in India over the next three years.
Earlier in the day, both India and Singapore signed four memoranda of understanding in the field of semiconductor, digital technology, healthcare, education and skill development. The prime minister also visited the AEM Holdings Ltd's facility. He also met Singapore President Tharman Shanmugaratnam and other ministers.
During a meeting with his Singaporean counterpart Lawrence Wong, PM Modi highlighted that Singapore, which has an investment of around $160 bln in the Indian economy, is a leading economic partner for India. He further noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities. Both leaders also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, artificial intelligence, fintech, new technology domains, science and technology and knowledge partnership. The two leaders called for strengthening connectivity between the countries to enhance economic and people-to-people ties. Highlighting that cultural connect between the two countries is an important component of these ties, Modi announced that India's first Thiruvalluvar Cultural Centre would be opened in Singapore. End
US$1 = 83.98 rupees
Reported by Kuldeep Singh
Edited by Tanima Banerjee
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
