India Emerges as Key Player in Global Economy: Singapore President

Bhubaneswar, January 18: Singapore President Tharman Shanmugaratnam has lauded India’s growing significance in the global economy, stating that the country is poised to become a leading player in a multipolar world. During his visit to Odisha on Saturday, Tharman emphasized India’s rising influence, driven by its favorable demographics, ongoing development, and export potential.

“India aspires to be a pole in its own right in a multipolar world. This is true not only geopolitically but also economically,” President Tharman remarked, highlighting India’s journey toward higher skill and value in global markets.

Strengthening India-Singapore Collaboration

Tharman underscored the strong alignment between India’s and Singapore’s priorities, as demonstrated by their collaboration under the India-Singapore Ministerial Roundtable (ISMR). Key areas of focus include:

• Semiconductor Ecosystem Development:
  Both nations are working together to build India’s semiconductor ecosystem. Singapore’s Sembcorp is exploring potential sites for next-generation industrial parks in India to boost this sector.
• Green Energy Initiatives:
  Tharman praised India’s potential as a significant producer of solar and wind energy, as well as green ammonia. He expressed Singapore’s interest in creating a green energy corridor connecting India to Southeast Asia over time.
• Digital Technology and FinTech:
  Cooperation in IT, digital technology, and finance is expanding. Discussions are underway to ensure the secure and trusted flow of data between financial institutions in both countries.

Mutual Trust in a Challenging World

The Singapore President highlighted the importance of building mutual trust between India and Singapore, especially in a global environment where trust is becoming rare. He commended India’s proactive engagement in fostering ties across various sectors, citing Prime Minister Modi’s previous discussions on IT during his visit to Singapore.

“India and Singapore are not just collaborators but also partners in building a more resilient global economy,” he concluded.