The island nation of Singapore, one of the economic powerhouses of Asia, is expanding its investment footprint in the southern Indian state of Tamil Nadu, with which it has close cultural ties. A total of SGD 5 billion worth of investments will be made by Singapore companies in Tamil Nadu, as per signings within the 2-day Tamil Nadu Global Investors Meet (TNGIM 2024; January 7-8, 2024). Singapore was a partner country at the meet.
Most of the Singapore investments in Tamil Nadu would be made in sectors pertaining to sustainability and infrastructure, according to a media release issued by the Singapore Ministry of Trade and Industry (MTI). The Memoranda of Understanding (MoUs), “to be implemented over several years”, also cover “collaboration in technology and skills”.
The MTI media release said: “For instance, to capture the fast-growing opportunities in India’s digital economy, CapitaLand has committed to additional investments in Chennai, to be deployed across business parks, logistics, warehouses and a data centre.
“Lionsbot, which designs and manufactures automated industrial-scale cleaning robots, will partner [with] top universities in Tamil Nadu to drive the development of engineering and robotics talent. This includes setting up training laboratories and designing hardware and software courses.”
The MoUs were signed between the Singapore companies and GuidanceTN, the investment promotion agency of the Tamil Nadu government.
Singapore delegation led by High Commissioner Wong
Singapore High Commissioner to India, Simon Wong, led a delegation of officials from the Ministry of Foreign Affairs, Ministry of Trade and Industry, and Enterprise Singapore (EnterpriseSG). The delegation also had 60 business representatives from the Singapore Business Federation and the Singapore Indian Chamber of Commerce and Industry.
The Singapore Business Federation, supported by EnterpriseSG, set up a Singapore Pavilion at the TNGIM 2024.
The pavilion showcased Singapore companies with a strong presence in Tamil Nadu, including Sembcorp, CapitaLand, YCH and Blue Planet, in sectors such as renewable energy, waste management and logistics.
“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. These also testify to the strong opportunities and investor-friendly policies of the state,” said 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 USD 1 trillion-dollar economy by 2030,” said the deputy CEO.
Opening Singapore Pavilion with pineapple roll
High Commissioner Simon Wong was resplendent in traditional Tamil attire as he inaugurated the Singapore Pavilion. He was accompanied by TRB Rajaa, Minister for Industries, Investment Promotions and Commerce in the Government of Tamil Nadu.
Wong posted a video on X with the caption: “Minister @TRBRajaa and I opened the Singapore Pavilion at the #TMGIM2024 with the traditional #HuatAh #PineappleRoll. This ceremony symbolises prosperity and great things to come – HC Wong.” The pineapple roll is a Chinese tradition that marks a hope and a prayer for good luck when one moves into a new house or a new space. The fruit symbolises prosperity.
The ministry release said: “Tamil Nadu is often the first port of call for Singapore companies looking at South India, given the cultural and historical familiarity between both states. It is the second largest contributor to India’s GDP, behind the state of Maharashtra. Tamil Nadu has a population of more than 72 million people and a GSDP of USD 354 billion.”
Focus on renewable energy solutions
High Commissioner Wong delivered the opening remarks at the Singapore Session on January 7. He highlighted the potential for Tamil Nadu and Singapore to be partners in exploring the export of promising renewable energy solutions, such as green hydrogen and green ammonia, from India to Singapore.
This session included a fireside chat, comprising CEOs from leading Singapore companies, on the topic of ‘Partnership and Collaboration for a Greener Future’.
Also, Singapore MTI and the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) co-organised a panel discussion at TNGIM on ‘A Framework for India’s First Net Zero Industrial Park’.
