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Singapore’s GFTN Group to collaborate with partners in India

Mohanty, who will assume the CEO role for GFTN on February 1, 2025, expressed the network’s goal of creating resilient and inclusive financial ecosystems through innovative global partnerships….reports Asian Lit News

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has launched a nonprofit initiative, the Global Finance & Technology Network (GFTN), to bolster global collaboration in financial technology and innovation.

The GFTN will collaborate closely with India, a critical hub for tech talent and fintech investment opportunities, as highlighted by Sopnendu Mohanty, the designated CEO of GFTN Group and currently the Chief FinTech Officer at MAS.

Mohanty, who will assume the CEO role for GFTN on February 1, 2025, expressed the network’s goal of creating resilient and inclusive financial ecosystems through innovative global partnerships.

GFTN aims to support the evolving global fintech landscape by integrating various tools like digital platforms, forums, advisory services, and capital resources.

These will include the GFTN Capital, an investment fund designed to back tech startups with strong growth potential and positive social impact, and the GFTN Platforms, a digital service targeting small and medium enterprises (SMEs).

Additionally, GFTN Advisory will provide expert-led research and guidance on innovation policies and ecosystems.

Ravi Menon, former Managing Director of MAS, has been appointed Chairman of the GFTN Board of Directors, with other key appointments including MAS Deputy Managing Director Leong Sing Chiong and Neil Parekh, a Singaporean parliament member, as deputy chairmen.

With this team, GFTN is well-positioned to provide substantial support for the global fintech community, driving sustainable and inclusive growth in the sector.

Singapore group launches Chennai training centre

ELITE Global Oil & Gas, a Singapore-based Group of Companies, has recently inaugurated its CompEx Training Centre in Crescent University Campus, Chennai, India.

ELITE’s niche areas include inspection training and ex-equipment supply for oil and gas, marine, power plants, and other related electrical projects. Their office operations span Singapore, Japan, India, and Oman.

About CompEx

CompEx Certification is a Leading International Competency Training and Assessment Scheme for Electrotechnical and Mechanical Practitioners working in Potentially Explosive Atmospheres.

CompEx provides vast opportunities for professionals and students to attend courses locally with easy accessibility to the Training Centre, unlike in the past, when travel to other states or overseas stations was required.

The ELITE Group has announced a commitment to invest an additional $100 million USD in India over the coming years, focusing on inspection training and other essential projects. This strategic investment will further enhance local access to vital competency training programs like CompEx Certification.

New CompEx Training Center of ELITE Global Oil & Gas Group of Companies, Singapore

G Ramesh, Chairman, ELITE Group of Companies mentioned that this is the first time in India, CompEx Training Centre is inaugurated in a university campus in Chennai. He assured that the centre will be a benefactor for engineers and other professionals to upgrade their competencies with internationally recognised CompEx certification. The latter will pave new pathways to scale greater heights in their professions and sustain a safe working environment as well. He acknowledged the immense support from CompEX Management, in the setting up of the lab amenities and critical installations in the training centre in Chennai.

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UK Govt gives asylum to son of Singapore founder  

The government denies these claims and says he is free to return. Both men are sons of the revered leader Lee Kuan Yew who died in 2015….reports Asian Lite News

The son of modern Singapore’s founder has gained asylum in the UK following claims of persecution amid a high-profile family feud. Lee Hsien Yang has long alleged he faces oppression back home from the Singapore government that was led for 20 years by his brother, Lee Hsien Loong.

The government denies these claims and says he is free to return. Both men are sons of the revered leader Lee Kuan Yew who died in 2015. Since then the brothers have been locked in a years-long dispute over their father’s house, which has spiralled into a vicious public family battle.

Lee Hsien Yang showed some documents including a letter stating his claim for asylum was successful. The letter also stated the UK government had given him “refugee status” for five years as it accepted he had the “well-founded fear of persecution and therefore cannot return to your country Singapore”. Lee, who lives in London, said his wife had also been granted asylum.

A Home Office spokesman said it is “longstanding government policy that we do not comment on individual cases”. “Everything the Singapore government has said is fully public and must surely have been taken into account when the refugee status was granted,” Lee said.

“I sought asylum protection as a last resort. I remain a Singapore citizen and hope that some day it will become safe to return home.”

As a member of what has been seen as Singapore’s “first family”, and the former chief of Singapore’s largest telecommunications company, Mr Lee was very much a part of the country’s establishment until he fell out with his brother.

Since then he has joined an opposition political party and become a vocal critic of the Singapore government, roles which he has “every intention” of continuing while based in the UK, he said.

Lee Hsien Yang and his wife, as well as one of their sons, have lived abroad for several years in self-imposed exile. They have been subject to investigations and legal action brought on by the government which they say is part of a pattern of persecution.

Along with his late sister Lee Wei Ling, Lee has long accused their brother Lee Hsien Loong of capitalising on their father’s legacy to build a political dynasty. They have also alleged their brother abused his power during his time as prime minister, and said they feared he was using the “organs of the state” against them.

Lee Hsien Loong stepped down as PM earlier this year and remains in cabinet as a senior minister. He and the Singapore government have strenuously denied such claims. On Tuesday the government released a statement saying allegations that Lee Hsien Yang and his family are victims of persecution were “without basis” and that they face “no legal restraints”. “They are and have always been free to return to Singapore,” the statement added.

Lee Hsien Loong’s press secretary said he had no comment. he Lees’ years-long dispute over their family home began with the death of Lee Kuan Yew, the country’s first prime minister and widely considered the architect of modern Singapore.

It centres on 38 Oxley Road, a small and nondescript house sitting on a quiet street in Singapore’s downtown that is estimated to be worth tens of millions of Singapore dollars.

The statesman, who was famously averse to the idea of a cult of personality built around him, had stated in his will that he wanted his house to be demolished either after his death or after his daughter moved out of the home.

Lee Hsien Loong, who was prime minister at the time, said the house would be preserved for the time being, while his siblings insisted it should be knocked down immediately in accordance to their father’s wishes.

Following his sister’s death earlier this month from a brain disease, Lee Hsien Yang has now applied for the demolition of the house and, in its place, the construction of a “small private dwelling” that would be owned by the Lee family.

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Singapore hosts first ASEAN-India cyber policy dialogue

The Philippines is India’s country coordinator for ASEAN-India dialogue relations…reports Asian Lite News

The first ASEAN-India Track 1 Cyber Policy Dialogue was held in Singapore on Wednesday.

According to a release issued by Ministry of External Affairs, the dialogue was co-chaired by Amit A Shukla, Joint Secretary of the Cyber Diplomacy Division at the Ministry of External Affairs and Jeffrey Ian Dy, Undersecretary for Infrastructure Management, Cyber Security, and Upskilling, Department of Information and Communications Technology of the Philippines.

The Philippines is India’s country coordinator for ASEAN-India dialogue relations.

During the dialogue, both sides exchanged views on the cyber threat landscape, national cyber policies, threat assessment, and the recent developments in the ICT domain at the United Nations. The dialogue explored cooperation in capacity building and training to identify specific areas of activities, the release mentioned.

The dialogue also contributed to strengthening the ASEAN-India Comprehensive Strategic Partnership through the implementation of the ASEAN-India Joint Statement on Advancing Digital Transformation issued during the ASEAN-India Summit, it added.

Few days ago, Prime Minister Narendra Modi said that the 21st century is the “Asian century” of India and Association of Southeast Asian Nations (ASEAN) countries, emphasising that the ‘Act East’ policy has given new energy, direction and momentum to the historic relations between India and southeast Asian countries over the past decade.

“We are neighbours, fellow members of the Global South, and the fastest growing region of the world. We are peace-loving countries, respect each other’s national integrity and sovereignty, and are committed to a bright future for our youth,” PM Modi said in his opening remarks at the India-ASEAN Summit in Vientiane.

“I believe that the 21st century is the Asian century of India and ASEAN countries. Today, when there is a situation of conflict and tension in many parts of the world, the friendship, coordination, dialogue and cooperation between India and ASEAN remains very important,” he added.

During the Summit, Prime Minister Modi announced a 10-point plan to strengthen connectivity and resilience based on Laos’ theme as the 2024 ASEAN Chair and in celebration of 10 years of the ‘Act East’ policy.

The 10-point plan to strengthen ASEAN-India Comprehensive Partnership includes enhancing physical, digital, cultural and spiritual connectivity towards achieving cyber, disaster, supply chain, health and climate resilience.

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India, Singapore call for freedom of navigation in South China Sea

PM Modi and his Singaporean counterpart PM Lawrence Wong emphasised the legal framework set out by the UNCLOS within which all activities in the oceans and seas must be carried out..reports Asian Lite News

India and Singapore have called for peaceful resolution of disputes in the South China Sea, emphasising the importance of maintaining peace, security, and ‘freedom of navigation’ in and overflight above the South China Sea in accordance with international law, UNCLOS.

The joint statement was issued during Prime Minister Narendra Modi’s visit to Singapore.

According to the India-Singapore Joint Statement, “Underlining the link between prosperity and security, the leaders reaffirmed the importance of maintaining and promoting peace, security, stability, safety and freedom of navigation in and overflight above the South China Sea, while pursuing the peaceful resolution of disputes in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS), without resorting to the threat or use of force.”

“Both sides also called on all parties to resolve disputes through peaceful means without threat or use of force and exercise self-restraint in the conduct of actions that could escalate tensions in the region,” the statement added.

Further, PM Modi and his Singaporean counterpart PM Lawrence Wong emphasised the legal framework set out by the UNCLOS within which all activities in the oceans and seas must be carried out, and that UNCLOS is the basis for determining maritime entitlements, sovereign rights, jurisdiction and legitimate interests over maritime zones.

Both leaders expressed hope for the early conclusion of a substantive and effective Code of Conduct in the South China Sea (COC) in accordance with international law, especially UNCLOS, that does not prejudice the legitimate rights and interests of all nations, including those not party to these negotiations.

During their meeting, they also condemned terrorism as the most pressing threat to global peace and stability, reaffirming their commitment to combat it in all its forms and manifestations. They also emphasised that there can be no justification for acts of terror.

Recognising that terrorism continues to remain the single most significant threat to peace and stability, the Prime Ministers of both countries reiterated their strong commitment to combating terrorism in all its forms

Notably, PM Modi paid an official visit to Singapore on September 4-5, 2024. The current visit is the fifth visit of PM Modi to Singapore. (ANI)

‘Terrorism has no justification’: India, Singapore

Prime Minister Narendra Modi and his Singaporean counterpart PM Lawrence Wong condemned terrorism as the most pressing threat to global peace and stability, reaffirming their commitment to combat it in all its forms and manifestations. They also emphasised that there can be no justification for acts of terror.

Notably, PM Modi paid an official visit to Singapore on September 4-5, 2024. The current visit is the fifth visit of PM Modi to Singapore.

Recognising that terrorism continues to remain the single most significant threat to peace and stability, the Prime Ministers of both countries reiterated their strong commitment to combating terrorism in all its forms and manifestations. They stressed that there can be no justification for acts of terror on any grounds whatsoever and affirmed their resolve to fight against global terrorism and terror organisations, the Ministry of External Affairs said in a press release.

They called for reinvigorating multilateral action on terrorism, including through reiterating the importance of the conclusion of the Comprehensive Convention on International Terrorism in the United Nations at the earliest. They also emphasised the importance of upholding international standards on anti-money laundering and combating the financing of terrorism, consistent with Financial Action Task Force (FATF) recommendations. Both countries reiterated their commitment to work together in FATF and other multilateral platforms.

Lauding the cooperation between both sides at regional and international forums, the Prime Ministers reaffirmed efforts to strengthen cooperation, particularly in the United Nations (UN), World Trade Organization (WTO), Indian Ocean Rim Association (IORA), Non-Aligned Movement (NAM), Commonwealth, and related forums and as well as other regional cooperation mechanisms.

Both sides also reaffirmed their commitment to work together to promote peace and stability across the Indo-Pacific region and underlined the importance of an open, inclusive, rules-based, and resilient Indo-Pacific region. They acknowledged India and Singapore’s close cooperation on, and support for, the Indo-Pacific Economic Framework for Prosperity (IPEF).

PM Modi thanked Prime Minister Wong for the warmth of his hospitality and all the excellent arrangements made for the visit. PM Modi conveyed that India is looking forward to the visit of President Tharman Shanmugaratnam to India next year. He also invited PM Wong to visit India at a mutually convenient time.

PM Modi and PM Wong acknowledged India and Singapore’s shared history, long tradition of friendship based on trust and mutual respect, and extensive cooperation across a wide range of areas. They reviewed and expressed satisfaction over the progress in the bilateral relationship, in the areas of political, economic, security, technology, education, people-to-people and cultural links.

It is interesting to note that India and Singapore will celebrate the 60th anniversary of the establishment of diplomatic relations next year. Against this backdrop, both Prime Ministers agreed to elevate bilateral relations to a higher level of a ‘Comprehensive Strategic Partnership’, to deepen and broaden bilateral cooperation. (ANI)

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India, Singapore ink crucial MoUs

Prime Minister Narendra Modi meets with Singapore PM Lawrence Wong, on Wednesday. (ANI Photo)

The agreements encompass collaboration in digital technologies, a partnership in the semiconductor sector, joint initiatives in health and medicine, and cooperation in education and skills development…reports Asian Lite News

India and Singapore exchanged four significant Memorandum of Understandings (MoUs) on Thursday, during the day-two visit of Prime Minister Narendra Modi in the island country.

The agreements encompass collaboration in digital technologies, a partnership in the semiconductor sector, joint initiatives in health and medicine, and cooperation in education and skills development.

The MoUs were exchanged in Parliament House of Singapore by External Affairs Minister S Jaishankar and Minister of Foreign Affairs in Singapore Vivian Balakrishnan in the presence of Prime Minister Modi and his Singaporean counterpart Lawrence Wong.

The first MoU was signed between Singapore’s Ministry of Digital Development and Information and India’s Ministry of Electronics and Information Technology, focusing on cooperation in digital technologies. It will facilitate closer cooperation between India and Singapore in the areas of digital technologies, such as DPI (Digital Public Infrastructure), cyber-security, 5G and emerging technologies such as super-computing, quantum computing and artificial intelligence. This MoU enables cooperation for upskilling and reskilling of workers relating to the digital domain under the ambit of this MoU.

The second MoU was signed between India’s Ministry of Electronics and Information Technology and Singapore’s Ministry of Trade and Industry, establishing a partnership for the India-Singapore semiconductor ecosystem.

India and Singapore will cooperate in the areas of semiconductor cluster development and cultivation of talent in semiconductor design and manufacturing.

Singaporean companies, which are part of global semiconductor value chains, are keen to invest in India. Dialogue mechanisms set under this MoU will facilitate their investments in India.

The next MoU was signed between India’s Ministry of Health and Family Welfare and Singapore’s Ministry of Health, focussing on cooperation in the fields of health and medicine.

It will facilitate joint efforts on research and innovation in areas of mutual interest. It also aims to promote closer cooperation in the areas of human resource development in the healthcare and pharmaceutical sector. It will complement our efforts to promote Indian healthcare professionals in Singapore.

The final MoU was signed between India’s Ministry of Skill Development and Entrepreneurship and Singapore’s Ministry of Education, aimed at fostering educational cooperation and skills development. It aims to promote closer cooperation in the areas of technical and vocational education and training. India and Singapore have active collaboration in the area of skill development. This MoU will complement those ongoing initiatives.

The MoUs were exchanged shortly after a ceremonial welcome of PM Modi at Parliament House of Singapore.

Modi along with his Singaporean counterpart Lawrence Wong visited the semiconductor facility of AEM Holdings Ltd in Singapore on Thursday. The two leaders are exploring synergies between the two countries in semiconductor manufacturing.

Lawrence Wong welcomed PM Modi at the semiconductor facility. The two leaders were seen interacting with the officials at the semiconductor facility.

The officials at the semiconductor facility of AEM Holdings Ltd also took pictures with PM Modi.

PM Modi’s visit to the semiconductor industry is significant in terms of enhanced trade opportunities between the two friendly countries, as Singapore, despite being a small city-state, has a well-developed semiconductor industry.

The semiconductor industry opens opportunities for India in many aspects, including collaboration in talent development as Singapore universities have developed customised courses for the semiconductor sector, and knowledge sharing about best practices of managing semiconductor industrial parks (called Wafer Fab Parks in Singapore).

In terms of factors of production, Singapore has limitations for land and labour. India, with abundant land and skilled labour, can be part of Singapore’s semiconductor value chain. Semiconductor companies in Singapore can be encouraged to consider India for their expansion plans.Singapore also has semiconductor equipment and material manufacturers. For the development of the semiconductor manufacturing ecosystem in India, engagement and collaboration with such companies may also be helpful.

Earlier in the day, PM Modi held a meeting with his Singaporean counterpart Lawrence Wong and talks focused on boosting cooperation between two nations in various sectors, including skilling, healthcare, artificial intelligence.

Taking to X, PM Modi stated, “The discussions with my friend, PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations.”

Modi received the ceremonial welcome at Singapore’s Parliament House on Thursday. Wong welcomed PM Modi and the two leaders warmly greeted each other. He signed the visitors book at the Parliament House. PM Modi and Lawrence Wong met ministers and delegates from each other’s countries.

Before his arrival in Singapore, PM Modi was on an official visit to Brunei. During his visit, he held “wide ranging” talks with Brunei Sultan Haji Hassanal Bolkiah at Istana Nurul Iman in Bandar Seri Begawan.

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India, Singapore explore cooperation in skill development  

The two nations decided to add two new pillars, ‘Advanced Manufacturing and Connectivity’ for further strengthening bilateral cooperation….reports Asian Lite News

India and Singapore held the 2nd round of the India-Singapore Ministerial Roundtable (ISMR) in Singapore on Monday and reviewed the progress of the strategic partnership between the two nations, the Ministry of External Affairs said in a press release.

The two nations decided to add two new pillars, ‘Advanced Manufacturing and Connectivity’ for further strengthening bilateral cooperation.

Finance Minister Nirmala Sithraman, External Affairs Minister Jaishankar, Commerce and Industry Minister Piyush Goyal and Railways Minister Ashwini Vaishnaw represented the Indian side in Singapore.

From the Singapore side, Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Vivian Balakrishnan, Minister for Foreign Affairs, K Shanmugam, Minister for Home Affairs and Minister for Law, Josephine Teo, Minister for Digital Development and Information and Second Minister for Home Affairs, Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry and Chee Hong Tat, Minister for Transport and Second Minister for Finance participated in the meeting.

“The Ministers reviewed the progress of India – Singapore Strategic Partnership, particularly under the pillars of Digitalization, Skills Development, Sustainability, Healthcare and Medicine, identified during the 1st meeting of ISMR, held in New Delhi on September 17, 2022,” the statement read.

They deliberated on ideas to expand bilateral cooperation and decided to add two new pillars, Advanced Manufacturing and Connectivity for further strengthening bilateral cooperation. The Ministers agreed to hold the next round of ISMR in India at a mutually convenient time.

During their visit, the Indian Ministers also called on Singapore President, Tharman Shanmugaratnam, and Singapore Prime Minister Lawrence Wong.

“India and Singapore are important partners of each other. The visit reaffirmed the commitment of both sides to further strengthen their multifaceted partnership,” MEA added.

Singapore Prime Minister Lawrence Wong has called the India-Singapore Ministerial Dialogue an important platform for strengthening bilateral ties.

Finance Minister Nirmala Sitharaman thanked Singapore PM for meeting them and stated that talks with Lawrence Wong clearly show that ties between India and Singapore are on sound footing.

EAM Jaishankar thanked the Singapore Ministers for their commitment to deepen ties between the two nations. (ANI)

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Singapore Eyes Stock Market Revamp

The number of companies listed on the SGX has declined in recent years…reports Asian Lite News

The Monetary Authority of Singapore (MAS) on Friday announced a review group to strengthen equities market development.

Led by Minister for Transport, Second Minister for Finance, and MAS board member Chee Hong Tat, the group involves private sector stakeholders and public sector representatives.

Singapore Exchange. (Photo: Twitter/@SGX)

The group will propose measures to encourage the Singapore Exchange (SGX) to expand internationally, attract primary and secondary listings to Singapore, and improve liquidity in the equity market to broaden the pool of Initial Public Offerings (IPO).

The MAS noted that the group will complete its report within 12 months, Xinhua news agency reported.

The number of companies listed on the SGX has declined in recent years. There was only one IPO on the SGX for the first half of 2024.

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UAE FM tours Singapore’s National Institute of Education

During the visit, His Highness Sheikh Abdullah toured the facilities of the institute, which was founded in 1950…reports Asian Lite News

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, visited the National Institute of Education (NIE) in Singapore today, as part of his working visit to the Republic of Singapore.

H.H. Sheikh Abdullah bin Zayed was accompanied during the visit by Jamal Abdullah Al Suwaidi, UAE Ambassador to the Republic of Singapore, and Saeed Mubarak Al Hajeri, Assistant Minister of Foreign Affairs for Economic and Commercial Affairs. Upon his arrival at the institute’s headquarters, he was received by Professor Christine Goh, Director of the NIE.

During the visit, His Highness Sheikh Abdullah toured the facilities of the institute, which was founded in 1950 and offers comprehensive programs based on modern scientific methods and future forecasting.

H.H. also learned about the institute’s leading role in shaping and developing the educational system and modern teaching methods in Singapore.

H.H. praised the NIE, which is one of the world’s leading academic institutions in the field of excellence and leadership in education and educational research, stressing that this prominent educational institution reflects Singapore’s rich and leading educational system, which is a fundamental pillar of the state’s development efforts in all fields.

Sheikh Abdullah affirmed the UAE’s keenness to strengthen cooperation with Singapore in the education sector within the framework of the comprehensive partnership between the two countries, noting that education is the cornerstone of sustainable development, progress and the protection of national gains.

Abdullah chairs BRICS steering committee

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has chaired the first meeting of the BRICS Steering Committee, which was held via video conferencing in the presence of many UAE ministers and officials.

The meeting reviewed the most remarkable developments regarding the UAE’s participation in the BRICS group, and discussed ways to enhance this participation and ensure the highest levels of coordination between all stakeholders in the country.

H.H. Sheikh Abdullah bin Zayed stressed the importance of intensifying and coordinating the efforts of various stakeholders to achieve effective and influential participation in the group, in a way that reflects the status of the UAE and its responsible role in promoting multilateral work with all active partners in the world.

The meeting included a presentation by Saeed Mubarak Al Hajeri, Assistant Minister of Foreign Affairs for Economic and Commercial Affairs and UAE’s Sherpa to the BRICS group, during which he gave a briefing of the latest developments in UAE’s participation and its priorities in dealing with the most prominent issues of the group’s work.

During the meeting, the role of various parties and the proposed initiatives to enhance their participation within the diverse economic, cultural and scientific tracks of the group were also discussed.

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Lawrence Wong Sworn In as Singapore’s PM

Wong, 51, is the first prime minister of Singapore born after the country’s independence in 1965…reports Asian Lite News

Lawrence Wong took his oath of office as Singapore’s fourth Prime Minister at the Istana, the country’s presidential palace, on Wednesday.

In the inauguration speech, Wong expressed gratitude to Lee Hsien Loong, who served as the prime minister for the past two decades and remains in the new cabinet as a senior minister, reports Xinhua News Agency.

Wong, 51, is the first prime minister of Singapore born after the country’s independence in 1965. He said that the handover also signifies a passing of the baton across generations.

Wong said one of his priorities is to identify and bring younger talents in their 30s and 40s to the team, and his leadership style will differ from previous generations.

“We enjoyed unprecedented peace and stability in the Asia-Pacific since the end of the Cold War. Unfortunately, the era is over,” Wong stressed while expounding on his external views.

Facing growing conflict, rivalry, protectionism and nationalism, Wong said Singapore will adapt to the changes and continue to be friends with all.

“We value the centrality of ASEAN (the Association of Southeast Asian Nations) and its efforts to foster regional cooperation and integration. We hope for stable U.S.-China relations and will continue engaging both powers,” he noted.

He also vowed to improve trust within local society, and push the country forward with common purpose and shared resolve.

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India, Singapore Ink Deal For Cooperation in Law, Dispute Resolution

The Memorandum of Understanding is on further cooperation between the two countries in the areas of common interest…reports Asian Lite News

India and Singapore signed a Memorandum of Understanding (MoU) on cooperation between the two countries in the sphere of Law and Dispute Resolution on Thursday.

The Memorandum of Understanding was signed in a virtual meeting of the Minister of State for Law and Justice (Independent Charge), Government of India, Arjun Ram Meghwal for the Indian side and the Minister for Culture, Community and Youth and Second Minister for Law, Government of Singapore, Edwin Tong for the Singapore side.

The Memorandum of Understanding is on further cooperation between the two countries in the areas of common interest such as international commercial dispute resolution; matters relating to the promotion of robust alternative dispute resolution mechanisms in respective countries and the establishment of a Joint Consultative Committee to oversee the implementation of the Memorandum of Understanding.

Arjun Ram Meghwal, in his virtual address, while highlighting the importance of the Memorandum of Understanding stated that “The signing of this Memorandum of Understanding signifies our collective commitment to deepening collaboration in the field of law and dispute resolution, with a focus on sharing best practices, exchanging expertise, and facilitating capacity building initiatives for the stakeholder.”

“Through this partnership, we are aiming to harness synergies between our legal regimes, leverage our respective strengths and explore innovative approaches to address the evolving needs of our citizens and businesses,” Meghwal added.

Edwin Tong, the Minister for Culture, Community and Youth and Second Minister for Law, Government of Singapore, while commending the signing of the Memorandum of Understanding stated that “Singapore enjoys excellent, broad-based and multifaceted relations with India. Given our strong economic and commercial ties, it is imperative for us to continually deepen our cooperation in the legal and dispute resolution fields.”

“This (understanding) will enable us to better support our businesses and those doing business with Singapore and India. We look forward to exchanging our experiences and strengthening our relationships with the India Ministry of Law and Justice, as well as with the various legal and dispute resolution industry players in India,” said Edwin Tong.

This collaboration therefore marks a key milestone in strengthening cooperation between India and Singapore with a focus on the exchange of best practices in the sphere of law and dispute resolution, which will eventually enable the adoption of efficacious mechanisms for the resolution of disputes through alternate dispute resolution mechanisms. (ANI)

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