Singapore Ready to Massively Boost Investment in India, Says Piyush Goyal

Commerce and Industry Minister Piyush Goyal revealed that Singapore plans to significantly increase its investments in India, potentially fivefold from the already invested USD 150 billion. Additionally, a free trade agreement with the European bloc EFTA promises USD 100 billion in investments over 15 years. States are encouraged to foster a business-friendly environment to attract these funds.

Commerce and Industry Minister Piyush Goyal has announced that Singapore is poised to augment its investments in India, potentially increasing its current USD 150 billion commitment by five times in the forthcoming years.

Goyal also highlighted the signing of a free trade agreement between India and the four-nation European bloc EFTA, which includes an investment commitment of USD 100 billion spread across the next 15 years.

During an address to state industry ministers and senior officials, Goyal urged states to adopt a business-friendly approach, reducing compliance burdens and decriminalizing laws to attract these significant investments.

The Singaporean government disclosed that a memorandum of understanding has been signed to collaborate in the semiconductor ecosystem, witnessed by Prime Ministers Narendra Modi and Lawrence Wong.

Since April 2000-June 2024, India has received foreign direct investments totaling USD 163.85 billion, representing 23.57 percent of the FDIs during this timeframe.

(With inputs from agencies.)