Singapore’s President Tharman Shanmugaratnam’s recently concluded state visit (14-18 January) to India marked 60 years of diplomatic ties with India, during which he stressed that Singapore, which is the leading foreign investor in India, was planning to further fortify its relationship with India by developing a green energy corridor. “Sustainability is a major priority for both India and Singapore and there too, we’re working actively to look at a corridor for renewable energy,” said President Shanmugaratnam during a speech at a state banquet hosted by President Draupadi Murmu. There is already work going on for setting up a green hydrogen corridor between the eastern part of India and Singapore.
India has been considering setting up bilateral power transmission lines with Singapore, besides other countries like Saudi Arabia and the UAE. At present it is connected with Bhutan, Nepal, Bangladesh and Myanmar. It has already signed an agreement for power transmission connectivity with Saudi Arabia and is also looking at an inter-connection with the UAE. Sri Lanka and the Maldives are the other countries being considered for bilateral grid connectivity with India.
Meanwhile, both India and Singapore are working on energy-transition plans. India plans to install 500 GW of non-fossil power generation capacity by 2030 and achieve net-zero emissions by 2070, while Singapore is working to increase its use of renewable energy sources including solar, wind and hydrogen to meet its goal of net-zero emissions by 2050.
India and Singapore are working on establishing a green energy corridor and looking at boosting co-operation in areas like green hydrogen, green shipping, semiconductor and manufacturing. “India is also looking at co-operation with Singapore in the field of maintenance, repair and operations (MRO) for aerospace,” informs the Ministry of External Affairs (MEA). Considering the fact that Indian airlines have an order of 1,500 aircraft, the MRO facility will be of great significance.
Data corridor
President Tharman has also said that Singapore and India are exploring the possibility of a data corridor between the Republic and Gujarat’s financial hub Gift City, “so that our financial institutions can exchange data on a safe and trusted basis. I’m optimistic about our relations with India because our leaders see eye to eye,” he affirmed. “We are natural partners and Singapore has been the leading foreign investor in India for several years. We are now committed to investing in and participating in India’s ambitious plans for the future,” he added. In 2023-24, Singapore has emerged as the largest source of foreign direct investment (FDI) into India at $11.77 billion.
The state government of Odisha has also signed eight MoUs with Singapore-based companies across sectors that included skill development, semi-conductors, sustainable energy, green hydrogen and ammonia, industrial park development, sustainable insure-tech and city development planning. Prime Minister Modi’s last visit to Singapore in September 2024 saw the ties of the two nations being elevated to Comprehensive Strategic Partnership.
Singapore has invested in India’s Viksit Bharat @ 2047, a road map that seeks to ensure India emerges as a ‘developed nation’ by 2047 – that is, 100 years after its independence. Several collaborations are already in the works, such as a joint flagship training programme for industry-ready skills in India’s young population and initiatives to deepen the countries’ partnership in green energy.
Singapore is helping to build up India’s semiconductor ecosystem and working on new generation and net-zero emission industrial parks. “Sustainability is a major priority for both India and Singapore and, there too, we’re working actively to look at a corridor for renewable energy,” President Tharman added.