The bilateral trade between Singapore and India surged by 18.2% to reach $35.6 billion in the fiscal year 2022-23, announced a senior diplomat from the Indian High Commission during a conference held in Singapore on Saturday.
T Prabakar, the First Secretary (Commerce) at the high commission, revealed that Singapore stands as India’s eighth largest trade partner for the fiscal year 2022-23, contributing 3.1% to India’s overall trade volume. Speaking at the Institute of Company Secretaries of India (ICSI) Third International Conference, Prabakar highlighted the robust growth in bilateral trade between the two nations.
“Our imports from Singapore in FY 22-23 were USD 23.6 billion, witnessing a growth of 24.4% compared to the previous fiscal year, while exports to the city-state amounted to USD 12 billion, marking a 7.6% increase,” stated Prabakar before a gathering of around 100 conference delegates.
Singapore holds a significant position in India’s global trade landscape, ranking as the sixth largest export destination and the eighth largest import source during the fiscal year 2022-23. Moreover, Prabakar highlighted the substantial foreign direct investment (FDI) equity inflows into India from Singapore, which amounted to USD 17.2 billion during the same period.
Did you know The Theorist also has a WhatsApp channel? Click here to follow us on WhatsApp
Emphasizing the depth of bilateral relations, Prabakar noted that Singapore has been a major contributor to India’s External Commercial Borrowings (ECBs). Additionally, he underscored the growing strategic cooperation between the two nations in emerging fields such as technology, artificial intelligence (AI), and green energy.
The conference, spanning over two days, delved into various trade and technology-related topics. Members of ICSI sought insights into Singapore’s business laws, aiming to explore potential synergies between Singaporean corporate practices and enterprises in India.
Read all the World News, Business News, Sports News, Entertainment News, Business News and Opinion here. Follow us on Facebook, Twitter and Instagram
