Speech by Minister of State for Energy, Trade and Industry Gan Siow Huang at the Singapore-India Network for Growth Forum

His Excellency Shri Vishnu Deo Sai,

Chief Minister of Chhattisgarh,

His Excellency Shri Nayab Singh Saini,

Chief Minister of Haryana,

Mr Mark Lee,

Chairman of the Singapore Business Federation,

Mr Prasoon Mukherjee,

Chairman of the SBF-India Business Committee,

Ambassadors and distinguished guests,

Ladies and gentlemen,

1. Good morning. It is a pleasure to join you at the Singapore-India Network for Growth Forum.

2. We meet at an important time for the Singapore-India partnership. Amid global uncertainties, our governments have built strong foundations for cooperation and our businesses have forged deep commercial ties. The Forum today reflects these efforts as a platform to bring our business communities closer.

3. Today, I would like to share three ways to deepen the business links between our two countries. First, I encourage companies to tap on the bilateral frameworks our two governments have established. Second, companies should deepen engagement with India’s diverse states. And third, we should foster mutually beneficial partnerships between Singapore and Indian business.

Leveraging Bilateral Frameworks

4. India is one of Singapore’s major trading partners, with total bilateral trade in goods of S$35 billion in 2025. Over the years, Singapore and India have established bilateral frameworks to enhance trade and cooperation, most recently through the Comprehensive Strategic Partnership announced in 2025. These frameworks are supported by the annual India-Singapore Ministerial Roundtable or ISMR. The ISMR brings together Ministers from both sides to drive bilateral cooperation in six areas of mutual interests.

5. We held the fourth ISMR in Singapore in August 2026, led by Deputy Prime Minister Gan Kim Yong and India’s Finance Minister Nirmala Sitharaman. We discussed cooperation in areas such as semiconductors, industrial parks, food security, digital payments and green shipping. These include initiatives such as the India-Singapore Semiconductor Ecosystem Partnership and the PayNow-UPI link that make it easier for businesses to work across both markets.

6. I encourage our Singapore companies to make full use of these platforms. Speak to SBF and our agencies.

Tell us where you encounter difficulties.

State-Level Opportunities

7. Entering the India market is only the first step. Each state has distinct priorities and strengths. Companies should understand these differences and engage directly and deliberately with India's states.

8. At the fourth ISMR, our two governments agreed to deepen Singapore’s linkages with Indian states. I am therefore very pleased that we have not one, but two Chief Ministers with us today.

9. Singapore's state-level engagements are already producing concrete partnerships. IIT Bhubaneswar and Singapore’s Nanyang Technological University are collaborating on sustainable energy technologies in Odisha. Last November, I had the pleasure of launching SBF's Singapore Enterprise Centre in Bengaluru to support Singapore companies exploring opportunities in India.

10. Our companies, for example, are also building a presence across multiple states. Sembcorp has engaged with a wide range of states in India, with a renewable energy portfolio of about 7.6 gigawatts across 13 Indian states, and they are keen to do more.

11. These examples show why state-level engagement matters. By understanding each state's strengths, companies can identify opportunities and find the right partners.

12. We are fortunate today to be able to hear from both Chief Ministers. I am sure they will have much more to share. I encourage our Singapore companies to consider their sharings and identify where they can contribute.

Building Mutually Beneficial Relationships

13. My third point is on fostering mutually beneficial partnerships between Singapore and Indian businesses. Our economic relationship should not only be about Singapore companies going into India. It should also create opportunities for Indian businesses in Singapore.

14. I encourage Indian companies to use Singapore as a base to connect with Southeast Asia and international markets. At the fourth India-Singapore Business Roundtable, Indian and Singapore business leaders discussed how they could work together to access new markets.

15. One example is the Indian Food Roadshow, organised by FairPrice and India’s Agricultural and Processed Food Products Export Development Authority.

I visited the Roadshow with India’s Minister of Commerce and Industry, Piyush Goyal, and was impressed by the range of over 160 products on display.

I am glad to share that the Roadshow drew strong interest from Singaporeans.

Indian exporters also had the chance to get a better sense of local tastes.

I encourage more Indian exporters to follow suit and explore opportunities here.

Our agencies are working to facilitate these flows. For example, our food safety agencies have signed a Memorandum of Understanding on Food Safety Cooperation to make trade in food safer and smoother.

16. Our economies bring with them different strengths. By connecting our companies, we can open new markets and create more opportunities on both sides.

17. This afternoon, you will hear from Indian companies including Nestlé India, Transworld, Indian Hotels and Brakes India on how Singapore businesses can participate in their growth. This is exactly the kind of conversation we want to encourage: what Singapore and India can do together.

Conclusion

18. The Singapore-India partnership has strong foundations. I look forward to seeing how our companies build on them and shape the future.

19. Chief Minister Sai, Chief Minister Saini, the companies in this room have heard from the Singapore Government and they are eager to hear from the Chief Ministers. I wish everyone a fruitful forum. Thank you.