PM Modi says India wants to create 'several Singapores' of its own

Singaporean companies pledged to invest about $60 billion (over Rs 5 lakh crore) in next few years

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Prime Minister Narendra Modi's visit to Singapore underscored India's ambition to emulate the city-state's development model while strengthening bilateral relations. During his two-day visit to the Asian financial hub, Modi engaged in talks with Singaporean Prime Minister Lawrence Wong, other leaders and business executives, emphasising the potential for increased cooperation between the two nations.

In his meeting with Wong on Thursday, Modi expressed admiration for Singapore's achievements and its potential as a blueprint for developing countries. "We also aim to create several Singapores within India,” Modi stated, highlighting the inspiration drawn from the city-state's success. He added: “I am pleased that we are collaborating towards this goal. The ministerial roundtable we have established is a path-breaking mechanism."

India and Singapore elevated their ties to a “comprehensive strategic partnership" and inked four MoUs, including one on cooperation in the semiconductor industry, as the prosperous city-state's companies pledged to invest about $60 billion (over Rs 5 lakh crore) in the next few years.

Modi emphasised the shared democratic values between the two nations, saying: "Our shared belief in democratic values connects us. I am delighted to have the opportunity to visit Singapore at the beginning of my third term."

Highlighting the economic progress in bilateral relations, Modi noted: "Over the past 10 years, our trade has more than doubled. Mutual investment has increased almost threefold to cross $150 billion." He also pointed out Singapore's role as the first country to launch the UPI Person-to-Person payment facility with India, showcasing the growing financial integration between the two nations.