Great opportunity for US to set up defence industry in India: PM Modi to Mike Pence

Prime Minister Narendra Modi on Wednesday met with US Vice President Mike Pence on the sidelines of the East Asia Summit in Singapore. During the meeting, the Modi told Pence that the US has a "great opportunity" to set up defence manufacturing in India, the External Affairs Ministry said in a statement.

“PM Modi stressed that there was a great opportunity for USA in India in making defence equipment and setting up defence industry in India. The issue of terrorism was discussed and US VP Pence appreciated cooperation between US and India on counter terrorism,“ the MEA said.

The US Vice-President also acknowledged India's economic progress and said that the country is a positive factor in regional and international relations.

Prosperity through partnership

PM @narendramodi had a warm meeting with @VP of United States Michael Pence in #Singapore. Productive discussion on all aspects of global strategic partnership based on growing convergence of interests on regional and global issues. pic.twitter.com/M1vtAVQhsd

— Raveesh Kumar (@MEAIndia) November 14, 2018

“The discussions between PM Modi and US vice-president touched both upon bilateral relations and regional and international issues. Vice-president Pence acknowledged that India had made progress economically. He felt India is a positive factor in regional and international relations,” the MEA added.

The prime minister also met with his Singaporean counterpart Lee Hsien Loong on the sidelines of the same event. During the meeting with Loong, the two leaders discussed mutual cooperation in financial technology, enhanced connectivity and regional economic integration.

Modi, who arrived in Singapore earlier in the day, has a packed schedule during his two-day visit to the island nation. Besides the East Asia Summit, the prime minister will attend the Regional Comprehensive Economic Partnership summit and an informal ASEAN-India meeting.

Also Read | At Singapore Fintech Festival, Modi pitches India as world's favourite investment destination

Earlier in the day, the prime minister delivered a keynote address at the Singapore Fintech Festival - the world’s largest event on financial technology. Speaking at the event, Modi said that technology has brought a historic transition and transformation as he pitched India as a favourite investment destination.

“We are in an age of a historic transition brought about by technology. The character of the global economy is changing. Technology is defining competitiveness and power in the new world. And it is creating boundless opportunities to transform lives.” the prime minister said.

He said that the explosion of finch innovation turned India into a leading Startup nation in the world and that the future of fintech and Industry 4.0 was emerging in the country.