India and Singapore on Thursday elevated their bilateral ties to a "comprehensive strategic partnership" and signed four MoUs, including on cooperation in semiconductors, as Prime Minister Narendra Modi held talks with his counterpart Lawrence Wong.

During his opening remarks, Modi said Singapore is not only a partner nation but it is an inspiration for every developing country.

"A new chapter in - ties: Comprehensive Strategic Partnership established. PM @narendramodi and PM @LawrenceWongST held a productive meeting in Singapore today," Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said in a post on X after the meeting.

"The leaders agreed to elevate the - ties to Comprehensive Strategic Partnership. They extensively reviewed various facets of the bilateral relationship covering areas of Advanced Manufacturing, Connectivity, Digitalisation, Healthcare & Medicine, Skills Development and Sustainability," he said.

The MEA in a statement said both leaders reviewed the progress of India - Singapore bilateral relations.

"Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a Comprehensive Strategic Partnership. This would also give a major boost to India's Act East Policy," it said.

Taking stock of the robust progress in economic ties, the leaders called for further expanding trade and investment flows between the two countries. Prime Minister highlighted that Singapore with an investment of around USD 160 billion in the Indian economy, is a leading economic partner for India. He further noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities, it added.

They also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, Fintech, new technology domains, science and technology and knowledge partnership. The two leaders called for strengthening connectivity between the countries to enhance economic and people-to-people ties.      They also called for acceleration in green corridor projects.

The two leaders discussed the outcome of the 2nd India-Singapore Ministerial Roundtable held in Singapore in August 2024.

"Noting that the Ministerial Roundtable is a unique mechanism, the leaders appreciated the work done by senior ministers from both sides in deliberating and identifying a new agenda for bilateral cooperation. The leaders called for accelerated action under the pillars of cooperation identified during the Ministerial Roundtables - advanced manufacturing, connectivity, digitalisation, healthcare & medicine, skills development and sustainability," the statement said.

The leaders underscored that the cooperation under these pillars, particularly in the areas of semiconductors and critical and emerging technologies, opens a new chapter in bilateral relations making our ties future-oriented, the statement said.

Their discussion also covered the celebration of the 60th anniversary of bilateral relations in 2025. Highlighting that the cultural connect between the two countries is an important component of these ties, the Prime Minister announced that India's first Thiruvalluvar Cultural Centre would be opened in Singapore.

The leaders also exchanged views on important regional and global issues of mutual interest, including India-ASEAN relations and India's vision for the Indo-Pacific.

Both leaders witnessed the exchange of MoUs for cooperation in semiconductors, digital technologies, skill development and healthcare. These are the outcomes of the deliberations during the two rounds of India-Singapore Ministerial Roundtables held so far.

Prime Minister invited Wong to visit India, which he accepted.

Modi in his opening remarks thanked Wong for the warm welcome.

"This is our first meeting after you assumed the post of premier. Many congratulations to you from my side. I am confident that under the leadership of 4G (the fourth-generation leaders), Singapore will progress even faster," Modi said.

"We also want to create many Singapores in India and I am happy that we are working together in this direction. The ministerial roundtable that has been formed between us is a path-breaking mechanism."

He said the partnership between the two nations in skilling, digitalisation, mobility, advanced manufacturing, semiconductors, Artificial intelligence (AI), healthcare, sustainability and cyber security has become an identity of this mechanism.

"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 said in a post on X after the talks.

Wong said Singapore and India share a deep and enduring friendship, built on strong economic and people-to-people ties.

"Had a productive meeting with Indian Prime Minister @narendramodi

At Parliament House. We've set out a forward-looking agenda for the next phase of our bilateral relations," he posted on X.

"This includes closer cooperation in areas like sustainability, advanced manufacturing, digital technologies and connectivity. We're also upgrading the Singapore-India Strategic Partnership to a Comprehensive Strategic Partnership," he said.

"This is timely as we expand our partnership in new, mutually beneficial areas. We also celebrate 60 years of diplomatic relations and our Strategic Partnership's 10th anniversary next year," Wong said.

Singapore looks forward to strengthening bilateral ties and creating new opportunities for the people of the two nations, he said.

Modi is here on a two-day visit at the invitation of Wong.

Ahead of the talks with Wong, Modi received a red carpet-welcome at the Singapore Parliament House. He also signed the visitor's book there.

The meeting between the two leaders comes months after Wong took over as premier and Modi began his third term as prime minister.

Modi and Wong also visited a leading Singaporean company in the semiconductor and electronics sector and discussed ways for collaboration in this critical industry.

Later in the day, Prime Minister Modi will also call on President Tharman Shanmugaratnam.

He would call on Senior Minister Lee Hsien Loong and Emeritus Senior Minister Goh Chok Tong. Lee will host a lunch for Modi.

Modi will also meet with Singaporean business leaders and interact with those in the country's semiconductor ecosystem.

Modi flew to Singapore on Wednesday after wrapping his visit to Brunei, the first bilateral visit there by an Indian prime minister.

He was accorded a warm welcome by the Indian community on his arrival here.