India’s Commerce and Industry Minister Piyush Goyal met Singapore’s Deputy Prime Minister Gan Kim Yong on Tuesday, June 3, to explore ways to strengthen trade and investment ties between the two countries.
The two leaders also discussed the potential of India’s shipping sector, which is expected to play a key role in boosting trade and lowering transportation costs for businesses.
Goyal is currently on an official visit to France, where he is meeting French government officials and business leaders to encourage trade and investment between the two countries.
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Over the past few days, he has met with several top CEOs and ministers, including the Executive Director of the International Energy Agency Fatih Birol, Nigeria’s Trade Minister Jumoke Oduwole, and France’s Minister of Economy and Finance Eric Lombard.
He also met with the CEOs of major global companies such as Valeo Group and L’Oreal Groupe. In all these meetings, the minister highlighted the wide range of investment opportunities available in India.
During his meeting with DPM Gan, the focus was also on the Indian shipping industry, which has gained importance in recent years. India is aiming to reduce its dependence on foreign shipping lines and promote growth in the domestic sector. This is seen as a way to improve the country’s balance of payments and protect strategic interests.
Met H.E. Mr. Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry @MTI_Sg.
— Piyush Goyal (@PiyushGoyal) June 3, 2025
Discussed enhancing our bilateral trade & investment ties. Also, Highlighted the tremendous opportunities India offers across various sectors especially in the shipping… pic.twitter.com/Wi3V1zeXXM
Shipping became a concern for Indian exporters during the Red Sea crisis, when freight rates increased sharply due to additional charges from foreign shipping companies. To address such issues and promote the sector, the Union Budget proposed setting up a Maritime Development Fund.
This fund will provide financial assistance to the shipping sector through equity or debt and is expected to support the acquisition of ships and expansion of Indian-flagged vessels.
The government plans to increase the share of Indian ships in global cargo to 20 percent by 2047. By 2030, the Maritime Development Fund aims to attract investment of up to INR 1.5 lakh crore (USD 17.47 billion) into the sector.
