Posted on January 8, 2024
SINGAPORE: Singapore firms and India’s Tamil Nadu have concluded S$5 billion (US$3.7 billion) in planned investments at the Tamil Nadu Global Investors Meet held in Chennai.
The investments will be implemented over several years, the Ministry of Trade and Industry (MTI), and Enterprise Singapore (EnterpriseSG) said on Sunday (Jan 7).
The Memorandum of Understanding (MOU) spans across high-growth sectors such as sustainability and infrastructure, as well as collaboration in technology and skills, said the joint press release.
“Singapore is strengthening economic cooperation with the Indian state of Tamil Nadu, through expanded investments into the state’s sustainability and infrastructure sectors.”
Tamil Nadu is the second largest contributor to India’s GDP and is often the first port of call for Singapore companies looking at South India, given the cultural and historical familiarity between both states, said MTI and EnterpriseSG.
Singapore High Commissioner to India, Simon Wong, led a delegation of officials from the Ministry of Foreign Affairs, MTI, and EnterpriseSG, as well as 60 business representatives from the Singapore Business Federation and the Singapore Indian Chamber of Commerce and Industry to the event in Chennai.
The Singapore Business Federation, supported by EnterpriseSG, set up a Singapore Pavilion showcasing Singapore companies with a strong presence in Tamil Nadu, including Sembcorp, CapitaLand, YCH and Blue Planet.
At the event, CapitaLand reiterated its growth plan for Chennai with investments worth S$500 million, to be deployed across business parks, logistics, warehouses and a data centre.
Another company Lionsbot – which designs and manufactures automated industrial-scale cleaning robots – will partner top universities in Tamil Nadu to drive the development of engineering and robotics talent.
The latest pipeline of collaborative initiatives and associated investments show that Singapore companies are strategically building the breadth and depth of their engagement in Tamil Nadu, said Mr Tan Soon Kim, deputy chief executive officer of EnterpriseSG.
“EnterpriseSG is committed to deepening our support for companies interested to enter the market, and help them capture opportunities alongside Tamil Nadu’s ambition to be a US$1 trillion-dollar economy by 2030,” he said.