India News Live Updates: India secures over Rs 5 lakh crore investment from Singapore after PM Modi visit – The Economic Times

Prime Minister Narendra Modi met his Singapore counterpart Lawrence Wong over dinner in New Delhi, ahead of their formal bilateral meeting and exchange of agreements. The discussions focus on enhancing cooperation in advanced manufacturing, maritime connectivity, aviation, skills, healthcare, and notably, the semiconductor sector, where Singapore is a global leader.

One significant outcome of the visit is expected to be a Memorandum of Understanding (MoU) for cooperation in the semiconductor sector. India seeks collaboration in talent development, leveraging Singapore’s customized university courses for the semiconductor industry. Additionally, India aims to learn from Singapore’s best practices in managing semiconductor industrial parks, according to government sources.

“In terms of factors of production, Singapore has limitations on land and labour. India, with abundant land and skilled labour, can be part of Singapore’s semiconductor value chain. Semiconductor companies in Singapore can be encouraged to consider India for their expansion plans,” a source stated.

“For the development of the semiconductor manufacturing ecosystem in India, engagement and collaboration with such companies may also be helpful,” the source added.