India-Singapore can show how to build trust in today's world: President Shanmugaratnam

Bhubaneswar, Jan 18 (PTI) Asserting that India was emerging as a major pole of the global economy, Singapore President Tharman Shanmugaratnam on Saturday said his country would like to collaborate with it and show the "fractious and uncertain" world how it was possible to build trust.

Speaking to the press at the end of his two-day tour to Odisha, Shanmugaratnam said the priorities of India and Singapore are very similar.

"Finally, it is about building trust. It is not about specific industries but about working on projects that continue to build trust between the two countries. Trust is in short supply internationally. Singapore and India can show how it is possible to build trust in today's world, even in today's uncertain and fractious world," he said.

"India aspires to be a pole in its own right, in a multipolar world that is true geopolitically, but it is also true economically. India is emerging as a major pole of the global economy. India is a nation with which we would like to collaborate," he added.

Shanmugaratnam said that because of India's demographics, development processes, and significant potential in the export economy, Singapore would likely collaborate with it.

"According to the priorities established under the India-Singapore Ministerial Roundtable, the two governments are working together to develop the semiconductor ecosystem in India. Singapore is looking into how it can contribute to the ecosystem and is also looking at new generation industrial parks, particularly Sembcorp is very actively exploring possible sites for the development of new industrial parks," he said.

The president said both countries are also working on skills, which is a major factor in securing India's future.

"As Singapore has some experience in the field, it intended to be a player in developing India's skill ecosystem," he said.

Noting that sustainability is a priority for both countries, he said India is fortunate in solar and wind energy, and it is going to be a significant green ammonia producer.

"So, Singapore is keen to engage with India in the development of these sectors and also the green corridor leading to Southeast Asia, which may take more time but is a very important aspiration," he said.

Shanmugaratnam said that in his meetings with the Indian government, he shared Singapore's keenness to expand the air service agreement, which was last revised 10 years ago.

Expansion of the air service agreement would benefit both the countries and their economies, he said.

"Let us see how to expand our service agreement. The last time it was revised, it was about 10 years ago, with 10-year growth in mind. We need to look into the next 10 years," he said.

Shanmugaratnam said India has the potential to emerge as a player in the aviation MRO (maintenance, repair and overhaul) business.

"PM Modi raised this in Singapore last September when he was visiting and it is an area where Singapore has particular strength. We have companies among global leaders in MRO business," he said.

This apart, the two countries are working together for the safe flow of data between their financial institutions, he said.

"Both the countries are on a new plane of cooperation. The leaders are sitting eye to eye and businesses are keen to explore the opportunities," he said.

Responding to a PTI query on his visit to Odisha, Shanmugaratnam said, "I decided to visit the state because the east is now rising in India as the Indian government is giving priority to this region." He said the per capita income in the state is lower than the average, but, Odisha is aspiring to move up with the right focus.

"Odisha is poised for a new stage of development and the state is very keen to work with Singapore on very specific projects, including skill, petrochemical, industrial parks, sustainability or green ammonia, IT, FinTech, semiconductor, AI, and InsureTech," he said.

"The state's priorities also match with Singapore’s strengths and I feel that we will benefit by collaborating with Odisha," he said.

Noting that there is significant opportunity for investment in Odisha's tourism sector, he said the state is unique because it has a combination of Hinduism and Buddhism legacy along with an attractive coastline, which Singaporean companies would explore.

Chief Minister Mohan Charan Majhi described Shanmugaratnam’s visit as a major milestone for the development of the state.

"For me personally, and for Odisha, this two-day visit of the Singapore president is a matter of great honour. The impact of this visit will be far-reaching," he said, pointing to the eight MoUs signed in the last two days.

"Through these eight MoUs, we have set eight clear-cut outcomes for Odisha. After their implementation, our state can be at par with the leading countries of the world in the relevant sectors," he said.

To achieve the goal of making Odisha "developed" by 2036, Majhi said his government was investing heavily in building infrastructure.

"During my visit to Singapore, I had invited the president and he came here with his team," the CM said. PTI BBM AAM AAM SOM