India and Singapore Collaborate on Renewable Energy Corridor and Financial Data Exchange

India and Singapore are working towards creating a renewable energy corridor and strengthening ties in sectors like advanced manufacturing and semiconductors, according to Singapore President Tharman Shanmugaratnam. During his first visit to India as president, Shanmugaratnam mentioned the exploration of a data corridor between Gujarat's GIFT City and Singapore for secure data exchange between financial institutions.

Strengthening Bilateral Ties

President Shanmugaratnam, on a five-day visit to India, held discussions with President Droupadi Murmu and Prime Minister Narendra Modi. The focus was on expanding bilateral relations across various sectors. The relationship between the two nations was elevated to a comprehensive strategic partnership during Modi's visit to Singapore in September last year.

The Ministry of External Affairs (MEA) stated that Modi and Shanmugaratnam extensively reviewed bilateral ties and discussed enhancing the strategic partnership. They also exchanged views on regional and global issues of mutual interest. "We are exploring new initiatives going beyond the existing active relationship that we have," Shanmugaratnam said.

Collaborative Initiatives

Both countries are working on next-generation and net-zero industrial parks while focusing on skilling for emerging industries. In the digital arena, they are considering a data corridor between GIFT City and Singapore for secure data exchange among financial institutions. Sustainability is a key priority, with efforts to establish a renewable energy corridor between India and Singapore.

Shanmugaratnam expressed optimism about India-Singapore relations, citing shared visions between leaders. "We are natural partners," he said, highlighting Singapore's investment in India's goal to become a developed nation by 2047. He also recalled India's early recognition of Singapore's independence in 1965, which laid the foundation for their growing relationship.

Economic and Defence Cooperation

The president noted thriving business relationships, with Singapore being India's largest investor for many years. The defence relationship is also strong. External Affairs Minister S Jaishankar met with Shanmugaratnam, along with other Indian ministers including Nitin Gadkari, J P Nadda, Nirmala Sitharaman, Piyush Goyal, Ashwini Vaishnaw, and Jayant Chaudhary.

The MEA mentioned that Tharman's visit marks the beginning of celebrations for the 60th anniversary of diplomatic relations between India and Singapore. This partnership has evolved into a robust multi-faceted collaboration. To commemorate this milestone, Murmu and Shanmugaratnam unveiled a joint logo.

Singapore is considered a crucial part of India's Act East Policy and Indo-Pacific vision. This visit follows an eventful year in bilateral relations, highlighted by Prime Minister Modi's visit to Singapore in September 2024.