To further strengthen bilateral trade and economic ties, India and Singapore decided to set up a Finance Dialogue, to be co-chaired by Finance Minister Arun Jaitley and Deputy Prime Minister Tharman Shanmugaratnam of Singapore.
The two sides discussed furthering Singapore and India’s strong economic ties, for instance, by setting up a Finance Dialogue between the finance ministries of the two countries.
The two-way trade between the two countries declined to USD 15.02 billion in 2015-16 from USD 16.93 billion in the previous financial year.
However, Singapore is the second largest source of foreign direct investment in India.
The total FDI from Singapore to India has totalled USD 45.88 billion (April 2000 to March 2016) or 16 per cent of the inflows during the period.
In the last financial year, the FDI inflows totalled USD 13.69 billion.
The bilateral ties were upgraded to the level of a Strategic Partnership with Singapore.
More than 8,000 Indian companies are present in Singapore.
