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India Rising as Major Global Economic Pole, Says Singapore Prez

Singapore President Tharman Shanmugaratnam, during his recent two-day visit to Odisha, emphasized India’s rising prominence as a major economic force in the global arena.

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India Rising as Major Global Economic Pole, Says Singapore Prez

Singapore President Tharman Shanmugaratnam

Singapore President Tharman Shanmugaratnam, during his recent two-day visit to Odisha, emphasized India’s rising prominence as a major economic force in the global arena. He noted India’s significant potential as an export-driven economy, positioning it as a key partner for Singapore in the coming years.

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In a statement to the media, Shanmugaratnam remarked, “Singapore and India are now operating on a new plane of cooperation. This reflects India’s growing aspirations and underscores the necessity for global collaboration in today’s interconnected world.”

Shanmugaratnam highlighted India’s evolving role as a critical economic player, noting that the country is poised to become a central pole in a multi-polar world, both geopolitically and economically. “India is emerging as a major force in the global economy,” he added.

Joint Priorities for Future Growth

Looking ahead to the next 10 to 20 years, the Singapore President pointed to India’s favorable demographics, current development phase, and its readiness to advance in the skills and value chain as critical factors in its future role in the global economy. “India’s priorities align closely with Singapore’s. The two nations are already collaborating on key initiatives, such as the development of the semiconductor ecosystem in India,” he said.

Shanmugaratnam further noted Singapore’s active involvement in exploring potential industrial parks with Singaporean characteristics in India, underscoring the two nations’ shared commitment to fostering innovation and economic growth.

Skilling and Renewable Energy

He also highlighted the importance of skilling as a major enabler for India’s future. “India is placing greater emphasis on its skills infrastructure, and Singapore aims to contribute to this growing ecosystem,” Shanmugaratnam stated.

On the renewable energy front, Shanmugaratnam lauded India’s natural resources, particularly in solar and wind energy, positioning the country as a significant player in renewable energy production. He also expressed Singapore’s keen interest in collaborating with India to develop a green corridor that could eventually extend to Southeast Asia.

Strengthening Connectivity and Digital Collaboration

Shanmugaratnam spoke on the potential for expanded connectivity between the two nations, particularly in aviation. “Flights between India and Singapore are increasingly full, and there is significant scope to further expand this vital connection, which would benefit both economies,” he said. Additionally, he pointed to India’s emerging role in the Maintenance, Repair, and Overhaul (MRO) sector as a growing opportunity.

The President also underscored the importance of strengthening collaboration in the digital and financial sectors, particularly in areas such as FinTech and the secure flow of data between financial institutions in both countries. “We are working closely together to ensure the trust and safe flow of data, which is vital for expanding digital collaboration,” he noted.

Building Trust for Stronger Ties

Shanmugaratnam concluded by emphasizing the importance of trust in strengthening international relations, stating, “Trust is in short supply globally, but Singapore and India can serve as examples of how to build trust in an increasingly uncertain and fractured world.”

He expressed confidence that both nations are on a new trajectory of collaboration, one that will continue to deepen and expand across multiple sectors in the years to come. 

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