Indian Prime Minister Narendra Modi, on Thursday, lauded Singapore for its bolstering economy and said that the Southeast Asian nation is an inspiration for every developing country. 

During his visit to Singapore, Modi met Lawrence Wong, the prime minister of Singapore and discussed ways to boost trade and economic relationships between both nations. 

"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," said Modi. 

India-Singapore inks deal to cooperate on semiconductors

Modi's visit also saw both countries signing an agreement to partner and cooperate in semiconductors, which is expected to give Singaporean firms a greater role in supply chains in the Indian market. 

"Singapore and India will leverage complementary strengths in their semiconductor ecosystems and tap on opportunities to build resilience in their semiconductor supply chains," said the Trade Ministry of Singapore in a statement. 

It added: "This will include government-led policy exchanges on ecosystem development, supply chain resilience, and workforce development." 

Indian foreign ministry said that both countries also signed three other agreements in the field of digital technologies, education and skills development and health and medicine. 

Modi's Singapore Visit: All You Need to Know

Modi began his two-day visit to Singapore on September 04, aimed at bolstering the bilateral relationship between both nations. 

During the visit, the Indian prime minister said that Singapore is an important facilitator of India's Act East policy. 

"Our shared belief in democratic values connects us. I am delighted to have the opportunity to visit Singapore at the beginning of my third term," said Modi. 

On September 05, Modi will also meet Singapore's President Tharman Shanmugaratnam and Emeritus Senior Minister Goh Chok Tong.