New Delhi, August 19: Union Commerce and Industry Minister Piyush Goyal has left for Singapore for a three-day visit from August 19 to 21, where he will participate in the fourth India-Singapore Ministerial Roundtable (ISMR) and the fourth India-Singapore Business Roundtable (ISBR).
The visit is aimed at deepening India-Singapore economic ties, with a strong focus on trade, investment, technology, manufacturing, digitalisation, skills development and the green economy.
Goyal is accompanied by an Indian business delegation of around 70 senior executives representing a wide range of sectors, including technology and artificial intelligence, software, manufacturing, engineering, infrastructure, sustainability, financial services, fintech, healthcare, life sciences, food and agriculture, logistics, maritime services and professional services.
The delegation is scheduled to hold business-to-business (B2B), government-to-business (G2B) and institutional meetings in Singapore. It will also interact with Centres of Excellence and visit skilling institutions to explore opportunities for investment, technology partnerships, market access and talent development.
Goyal will participate in the fourth ISMR on August 20. The ministerial mechanism serves as a key platform for advancing the India-Singapore Comprehensive Strategic Partnership.
The meeting will be held alongside the fourth India-Singapore Business Roundtable, followed by an MoU signing ceremony and a luncheon hosted by Singapore’s Deputy Prime Minister for ISMR and ISBR delegates.
Goyal will participate in the discussions along with Finance and Corporate Affairs Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, and Railways, Information and Broadcasting, and Electronics and Information Technology Minister Ashwini Vaishnaw.
The Indian ministers are expected to engage with their Singaporean counterparts and other senior members of the Singapore government during the visit.
Goyal will also call on Singapore Prime Minister Lawrence Wong at the Istana.
As part of the visit, Goyal will hold G2B meetings with senior representatives from organisations including the Global Finance & Technology Network, YPO Global, Milken Institute, Keppel Infrastructure, Temasek Holdings, IHH Healthcare, Singapore Business Federation, Turner & Townsend and STT GDC.
A Family Office Roundtable will also be held as part of the minister’s business engagements.
The minister will jointly visit an APEDA-FairPrice initiative at City Square Mall with Singapore’s Minister of State for Foreign Affairs and Trade & Industry Gan Siow Huang. The initiative is designed to promote Indian agricultural and food products in Singapore’s retail market and further expand bilateral agri-trade.
Goyal will also address the India-Singapore Business Forum organised by FICCI at the INSEAD Asia Campus. He is scheduled to participate in a fireside chat on India’s role in the emerging global growth landscape, followed by a networking dinner with Indian and Singaporean business leaders.
The visit will conclude with Goyal delivering a keynote address at the ICAI ASEAN Conference 2026 at the Marina Bay Sands Expo and Convention Centre.
Singapore has emerged as one of India’s most important economic partners and a major source of foreign investment.
During FY 2025-26, Singapore was India’s largest source of foreign direct investment, with inflows of $19.8 billion. Cumulative FDI from Singapore reached $194.68 billion between April 2000 and March 2026, accounting for 24.72 per cent of India’s total FDI inflows during the period.
Singapore is also India’s largest trading partner within ASEAN and remains an important source of external commercial borrowings and foreign portfolio investment.
Bilateral trade has expanded significantly since the implementation of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). Trade increased from $6.7 billion in FY 2004-05 to $36.1 billion in FY 2025-26.
The Singapore visit underscores India’s efforts to further expand trade and investment flows with the city-state while strengthening cooperation in advanced manufacturing, digital technologies, skill development, sustainable growth and other emerging areas.