Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong stressed on strengthening of strategic ties, called for increasing of economic relationship and recognised terrorism as a common challenge in their joint press statement on 1 June.
“Our strategic partnership has stood the test of time,” said Modi.
The Indian PM, who is one a three-day tour of Singapore, said that the relationship between the two nations has no uneasiness and is warm, cordial and full of mutual trust.
“We reviewed the progress of our bilateral ties and discussed the future roadmap. I am especially happy on the completion of the second review of the Comprehensive Economic Cooperation Agreement, but both of us agree that a second review is merely a station and not the ultimate destination,” PM Modi said.
Recalling his meeting with Singaporean CEOs on Thursday, the PM said that he was extremely pleased to see the belief they have in India’s future.
“We are very happy about the start of our digital partnership,” the 67-year-old Modi commented on Thursday’s launch of three Indian digital payments application in Singapore.
On 31 May, the PM had launched India’s BHIM, RuPay and SBI app at a business and community event which had in attendance the Indian diaspora in Singapore.
Pointing out the increasing air traffic between India and Singapore, PM Modi said that both sides will soon initiate a study of bilateral air services agreement.
The two sides agreed on the continuance of an open, stable and ideal international trade regime. The Indian PM also stressed on increasing unity within the ASEAN and called for increased stability and centrality of the group.
Modi also recognised Singapore as a springboard for Indian companies who wish to expand to ASEAN markets.
“Singapore is a major source of FDI in India and is the prime destination for investments made by India abroad,” the PM highlighted.
Addressing territorial concerns and threat of terrorism, the two leaders stressed on the important role of defence and security in the strategic cooperation between India and Singapore.
Both PM Modi and Lee shared concerns over economic and regional challenges and expressed their commitment towards ‘Rules Based Order’. The two leaders also reconfirmed their principles on maritime security and recognised terrorism as the biggest enemy of India and Singapore.
“Cyber security, and tackling extremism and terrorism will be major areas of our cooperation,” PM Modi underlined.
Congratulating the navies of India and Singapore for their participation in SIMBEX on its 25th anniversary, the PM said that they will soon start a three-nation naval exercise and welcomed the logistics agreement between the two navies.
The Indian PM will be delivering the keynote address at the Shangri La Dialogue later today, becoming the first Indian Prime Minister to do so in the Track I annual inter-governmental security forum.