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Singapore will lend its strong support to India's G20 priorities, Minister for Trade and Industry Gan Kim Yong said on Wednesday at India's 74th Republic Day celebrations at Shangri-la Hotel.
"This year, India is playing a key role in shaping the global agenda as it assumes the presidency of G20," he said.
"The theme of One Earth, One Family, One Future is a call to all to work together on common challenges we face in today's uncertain global landscape, against the backdrop of a multilateral system that is under strain.
"We are confident India will use its G20 leadership to put forth an agenda that is inclusive, ambitious, action-oriented and decisive."
India will hold the G20 presidency from Dec 1, 2022, to Nov 30, 2023. The G20, or Group of 20, is an intergovernmental forum of the world's major developed and developing economies.
While congratulating India on its achievements, Mr Gan noted that "economic cooperation between our countries has grown from strength to strength".
"Singapore is one of India's largest foreign investors," he said. "Singapore companies' investments into India have increased from $1.3 billion in 2005 to $66 billion in 2020 - a 50-fold increase over just 15 years.
"Indian companies also make up the largest foreign corporate contingent in Singapore, spanning diverse clusters, from IT and education to logistics and manufacturing. These companies contribute strongly to Singapore's economic performance and growth."
Mr Gan pointed out that even in the face of Covid-19, the economic ties between India and Singapore have continued to grow.
"Singapore companies have found good partners from India, and scaled up and diversified their businesses through these partnerships, both within India and beyond," he said.
"We continue to leverage these strong foundations and the deep reservoir of strategic trust we share to explore how we can expand cooperation in new and forward-looking areas."
At the reception, which was attended by MPs Wan Rizal and Yeo Wan Ling and around 900 guests, India's High Commissioner to Singapore Periasamy Kumaran thanked Mr Gan and his ministerial colleagues "for their proactive roles in strengthening the historic friendship and multi-faceted cooperation between India and Singapore".
He said: "Ministerial visits are again nearing normal levels. The first India-Singapore Ministerial Round Table, held in New Delhi in September 2022, identified several promising areas to propel the relationship forward in the coming years.
"Singapore is one of the guest countries invited to meetings under India's G20 presidency, and we look forward to working together on the identified priorities under the overarching theme of One Earth, One Family, One Future."
More than 350 people attended the Republic Day flag-hoisting ceremony at the Indian High Commission on Thursday morning.
It was followed by patriotic songs and dances by students from different Indian international schools.
