August is a special month for Singapore. We celebrate two important occasions on August 8 and 9 — the establishment of the Association of Southeast Asian Nations (ASEAN) in 1967, and the independence of modern Singapore in 1965, respectively.
August also holds special meaning for India. On August 15, 1947, India emerged from British rule to become an independent country. While nation-building is a never ending task, both Singaporeans and Indians have much to be proud of. Our two nations have built multi-racial, multi-religious societies based on equality and the rule of law.
India is a longstanding friend of Singapore and was one of the first countries to recognise our independence. The historical, literary, cultural and economic ties go back many centuries. Many Singaporeans have family ties in India. When Covid-19 first hit last year, India supported Singapore by keeping the supply chains of essential goods open. India subsequently found itself confronting the second wave, and I am glad that Singapore could reciprocate with our modest contribution of oxygen-related supplies.
Singapore and India are natural partners. We must continue with this spirit of collaboration as we navigate a pathway out of the pandemic and re-emerge stronger.
Bilaterally, we enjoy close partnership in the economic, security, and people-to-people domains, including on skills and urban development. Singapore has been India’s largest source of foreign direct investment for three consecutive years, averaging $16 billion in total equity inflows annually. We are further deepening our partnership in areas that will become even more salient in the post-pandemic world — fintech, innovation and skills, and digital connectivity..
Our bilateral efforts in these areas can also be a pathfinder for others in the region. For example, Singapore is looking into expanding our Business sans Borders (BSB) initiative beyond our pilot partners of India and the Philippines, to all 10 ASEAN member-states. When complete, the BSB initiative will enhance regional economic growth and increase financial inclusion in our local communities.
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We welcome India’s continued engagement with ASEAN, anchored by India’s “Act East” policy unveiled in 2014 by Prime Minister (PM) Narendra Modi. Singapore has always been one of the earliest and strongest proponents of closer ASEAN-India ties. We believe that the growth and opening up of India will contribute greatly to peace, prosperity, and stability in our region. The evolving regional architecture will be stronger and enhanced by India’s active participation.
We welcome India’s continued engagement with ASEAN, anchored by India’s “Act East” policy unveiled in 2014 by Prime Minister (PM) Narendra Modi. Singapore has always been one of the earliest and strongest proponents of closer ASEAN-India ties. We believe that the growth and opening up of India will contribute greatly to peace, prosperity, and stability in our region. The evolving regional architecture will be stronger and enhanced by India’s active participation.
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