Context:

About the Memoranda of Understanding (MoUs)

• Digital Technologies Cooperation: To enhance collaboration in digital technologies, including DPI, cybersecurity, 5G, supercomputing, quantum computing, and AI, as well as upskilling and reskilling workers in the digital field.
• Semiconductor Ecosystem Partnership: Focuses on developing the semiconductor sector, including semiconductor cluster development, talent cultivation, and facilitating investment from Singaporean companies in India.
• Health and Medicine Collaboration: To promote joint research and innovation in health and medicine, enhance human resource development in healthcare, and support the advancement of Indian healthcare professionals in Singapore.
• Educational and Skills Development: To foster closer cooperation in technical and vocational education and training, complementing existing initiatives in skill development between the two nations.

India and Singapore Bilateral Relation

• India-Singapore relations were elevated to a Strategic Partnership during Indian Prime Minister's visit to Singapore in 2015.
• India was among the first to recognize Singapore upon its independence in 1965.

Trade and Economic Cooperation: 

• Singapore is India's largest trade partner in ASEAN and a major source of FDI, with bilateral trade growing from USD 6.7 billion in 2004-05 to USD 35.6 billion in 2023-24, and 
• Singapore being the largest source of FDI into India in 2023-24 with investments in various sectors.

Fintech Initiatives: 

• Including the acceptance of RuPay cards in Singapore, UPI-Pay now Linkage for cross-border payments, and initiatives like ONDC-Proxtera Connectivity and Trade Trust for trade finance.
• Singapore is the first nation with which India has begun this cross-border Person-to-Person (P2P) payment facility.

Science and Technology Cooperation:

• India has launched several Singaporean satellites, and both countries have engaged in joint initiatives such as the ASEAN-India Women Scientists Conclave and an e-workshop on digital health and medical technologies.

Multilateral Cooperation: 

• Singapore has joined International Solar Alliance (In June 2023) and Global Bio-fuel Alliance (September 2023).
• Served as ASEAN Country Coordinator for India, and both nations are involved in multilateral groups like IORA, NAM, and the Commonwealth.

Diaspora: 

• Ethnic Indians make up about 9.1% of Singapore's resident population and 21% of the foreign residents, with a significant presence in various sectors and a notable number of IIT and IIM alumni; Tamil is one of the official languages.