Singapore is the second-largest source of direct foreign investment in India
Singapore is the second-largest source of direct foreign investment in India
Singapore
: In a plea for Singapore investments, Indian Prime Minister Narendra Modi stressed Tuesday that reforms have been made under his watch, as the two countries elevated their relations to a strategic partnership.
The reforms, particularly economic, have -"successfully restored the credibility of India in the eyes of global players,-" Modi told Singaporean and Indian businesspeople from more than 300 companies at an economic convention.
Singapore is the second-largest source of direct foreign investment in India, he said. The city-state was also involved in the planning of Amaravati, the new capital city of the Indian state of Andhra Pradesh.
-"In the last 18 months, reforms are happening in a big way. Simply, with the aim of enabling the people to realize their potential and dreams,-" Modi said.-"I am here to invite you to India in a bigger way. I also come to ensure you that I'm there to carefully hold your hands. You are an exciting incubator, India is a vast laboratory.-"
Modi's two-day visit to the island nation, arranged to mark 50 years of diplomatic relations, was to draw to a close later Tuesday after a community event with Indian expatriates.
According to India's Ministry of External Affairs, trade between the two countries totaled $17.1 billion in the 2014-2015 fiscal year.
Singapore is India's 10th-largest trading partner, while India is Singapore's 12th-largest partner, official statistics show.
During Modi's visit the two countries signed a memorandum of understanding that -"elevates our bilateral relations to a new level,-" said S. Iswaran, Singapore's minister for trade and industry.
-"While government leaders and officials on both sides will do their part, much will also depend on our business leaders and investors boldly seizing opportunities in India, Singapore and third-country markets,-" he said.
