Highlighting the strategic importance of Singapore as a part of "Look East" policy of India, Singapore Minister for Foreign Affairs George Yong-Boon Yeo on Thursday said the bilateral trade between the countries had increased over 40 per cent.
Addressing a session on "India-Singapore:Road Map for the Future" at the CII Partnership Summit in Bangalore, he also saw great opportunities for inducting Indian talent and knowledge workers into Singapore's economy and bilateral relations "broadening and deepening in the years to come."
Calling this "an alignment of strategic intent", Yeo said at a political level, Singapore holds India as an architect of East Asia's economic position on the world map.
He stressed on the creation of a better environment for peace and development in this region.
Describing the opening up of Nathula Pass on Indo-China border in Sikkim as "only the beginning of stronger economic ties in the East Asian region", Yeo said Singapore was India's easternmost extension to East Asia.
He hoped India-ASEAN FTA would make good progress and assured that Singapore would continue to play helpful role in this process.
In the years to come, Yeo said, the key areas of focus for both countries would be system management, urban planning, logistics — air, sea and land — in which Singapore has abundant expertise and is willing to share with India.
He stressed the need for India to improve its infrastructure and extended Singapore's expertise in this area, adding SEZ and tourism would be other thrust areas.
Earlier, Commerce Minister Kamal Nath lauded Singapore for its efforts and leadership in engaging India in the ASEAN community.