Various Memorandum of Understanding (MoU) between India-Singapore

Posted 06 Sep 2024

2 min read

Outcomes of the Recent Visit of the Indian PM to Singapore

4 MoUs in the fields of digital technologies, semiconductors, health cooperation and skill development.
Elevating bilateral relations to a higher level of a Comprehensive Strategic Partnership.
MoU on Semiconductor envisages cooperation in semiconductor cluster development, talent cultivation, and advanced manufacturing, particularly developing resilient supply chains.
- Singapore’s semiconductor industry accounts for 10% of all chips and 20% of semiconductor manufacturing equipment produced globally.

Foundation of modern technological landscape: like AI, Quantum computing, etc. calling for global collaboration to foster innovation and research.
Criticality of Indo-Pacific Region: Most players (USA, Taiwan, South Korea, etc. ) are situated in this region, critical for India.
Complex and Specialized Supply Chain: Different countries hold dominance in segments of semiconductor manufacturing like the USA for chip design, Taiwan for manufacturing, etc.
Gaining Leverage over China: Currently, China lags behind other major players in the domain, diverse collaboration would reduce dependence on China creating a resilient supply chain.
Boost Economic Growth: By leading in semiconductor manufacturing.
- Indian Semiconductor Mission with an outlay of USD 363 million can attract huge investments.

Bilateral Relations: Elevated to Strategic Partnership in 2015.
Economic: India’s 6th largest trade partner (2023-24) with a share of 3.2 % of India’s overall trade.
- Conclusion of the Comprehensive Economic Cooperation Agreement in 2005 saw significant expansion in trade.
FDI: Largest source of FDI into India during 2023-24 (US$ 11.774 billion).