India and Singapore can work together in areas such as e-commerce, fintech, smart manufacturing and healthcare where the country offers a large market, Commerce & Industry Minister Piyush Goyal has said.

“Our working together in these areas can truly transform India’s own effort to give the best to our people,” Goyal said at the India-Singapore CEO Forum organised by the Department for Promotion of Industry and Internal Trade (DPIIT) and FICCI on Thursday. The India-Singapore CEO Forum was launched in November 2018.

The members of India- Singapore CEOs Forum also agreed to work towards resolving regulatory issues and processes affecting bilateral trade and investment between the two countries, according to a release issued by FICCI.

The Minister said he was looking at expanding Singapore-India ties resting on three Bs — Buddhism, Bollywood and Business.

Bilateral benefit

Singapore’s Minister-in-charge of Trade Relations S Iswaran emphasised on greater engagement between businesses on both sides. He pushed for 3 Ds — Development, Diversification and Digital Economy — for building a partnership that will benefit the two economies.

Singapore and India are already working together in cyber security and disaster relief and education and skill development can be taken up as pillars where India can learn from Singapore’s experience, Goyal said. This is a partnership that will help India to become Aatmanirbhar and also give opportunities to the country for increasing its global footprint, a release from the Commerce & Industry Ministry said.

India recognised the significance of Singapore as an important member of the ASEAN grouping and considered it as its spring board to the region, the Minister said. The country is India’s largest trade partner among ASEAN countries.

Goyal said Singapore Exchange’s tie-up with the GIFT city, which was India’s first operational smart city, was a welcome development as it would boost international investments into the country.