S. Jaishankar, the External Affairs Minister of India on September 9, called Singapore, a fulcrum for India's economic and commercial policies while addressing the inaugural session of the 'Start-Up and Innovation Exhibition' in Singapore. Jaishankar left India for a two-nation visit (Indonesia and Singapore) on September 4. He arrived in Singapore on the September 6 and will be there till September 10. On Monday, he attended the innovation exhibition that has around 60 startups from India participating. While attending the exhibition, the Indian External Affair Minister was accompanied by his Singaporean counterpart Vivian Balakrishnan.

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S Jaishankar speaks on the bilateral relationship

"In political, strategic as well as economic and commercial areas, Singapore has become a fulcrum for India's policies. Today, what started as a bilateral relationship is something that has grown very much bigger. On rule-based issues, we think similarly." Jaishankar spoke while addressing the inaugural session. India was facing a severe balance of payment crisis and was about, to begin with, major economic reform. Jaishankar added, "In that situation, India turned to Singapore and Singapore responded. We had the Look East Policy. Singapore then became a key partner in India's growth and development".

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Singapore a favourite destination for Indian companies

The Union minister said that India in the year 1992 launched the India-Asian partnership and the by the year 2005, India and Singapore were the members of the East Asia Summit. Singapore in the period was among the main sources of investment to India. The financial market of Singapore provided an important source of capital. The Indian companies that planned to go outside inside started establishing in Singapore and within a short span of time, it became the favourite destination for them. There were more than 9 thousand Indian firms registered in Singapore. He even remembered the time when he was serving as the High Commissioner of India and Singapore was the first one to sign a comprehensive economic partnership with India. Jaishankar said that he was privileged as he served there while the engagements took off. 

(With inputs from ANI)

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