New Delhi, Oct 4 (IANS): Growing radicalization and cross-border terrorism posed a serious challenge to India's security, Prime Minister Narendra Modi said on Tuesday.

The Prime Minister made the comments after signing an MoU with his Singapore counterpart Lee Hsien Loong to facilitate greater business exchanges and collaborations.

"Rising tide of terrorism, especially cross-border terrorism, and the rise of radicalisation are grave challenges to our security," Modi said.

He added that India-Singapore "defence and security cooperation is a key pillar of our strategic partnership".

Terming Singapore as "one of India's strongest well-wishers", Modi said Lee was a strong advocate of bilateral relationship. Lee is on a five-day visit to India.

"Singapore is already our partner in developing Amaravati, the new capital city of Andhra Pradesh. Rajasthan is also partnering with Singapore in the fields of urban development and waste management," Modi said.

Modi also welcomed the establishment of the centre of excellence for tourism training in Udaipur.

"Lee and I welcome the issuance of corporate Rupee bond in Singapore," Modi said.

The Singapore Prime Minister is accompanied by a high-level delegation that includes Minister of Trade and Industry S. Iswaran; Acting Minister of Education (Higher Education and Skills) and Senior Minister of State for Defence Ong Ye Kung; Senior Minister of State, Ministry of Defence and Ministry of Foreign Affairs Mohamed Maliki bin Osman; and MPs Denise Phua and Vikram Nair.