India calls upon Singapore to invest in infrastructure projects


India has sought investments from Singapore to accelerate connectivity and infrastructure projects along the Delhi-Mumbai Industrial Corridor (DMIC), the Chennai-Bangalore Industrial Corridor and in the North-East.

Speaking at a function to mark 50 years of the bilateral diplomatic ties between India and Singapore, External Affairs Minister Sushma Swaraj said the celebration will be used to facilitate economic engagement, defence and security cooperation in India and in Singapore.

Swaraj mentioned that Singapore is India’s largest trading partner in ASEAN and one of the largest sources of foreign investment globally.

Her Singaporean counterpart K Shanmugam, who was also present on the occasion, also appreciated the role of India for being one of the foremost countries to diplomatically recognise Singapore.

During her speech, Swaraj assured that the newly formed government, which came into power after a long time, will try to live up to the expectations of the citizens. Seeking enhanced investment from Singapore, she emphasised that both the economies should consider venture capital for innovations and for cooperative projects in the Third World countries. Swaraj added that by assisting India in infrastructure projects, Singapore could develop a virtual city or a ‘little Singapore’ somewhere along the corridor.

In line with its pre-poll promise, the NDA government announced to create 100 smart cities, which would be satellite towns of larger ones. In its maiden budget, the government has allocated a sum of Rs.7,060 crore for the ambitious plan.

“Singapore’s expertise in smart cities, urban planning and water management strategies offer a valuable learning experience for India. We shall work for setting up greenfield smart cities and for urban rejuvenation. Our experts shall identify the priorities and we shall coordinate its timely delivery,” Swaraj said.

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