Singaporean companies have solidified plans for S$5 billion (US$3.7 billion) in investments in the Indian state of Tamil Nadu, marking a significant milestone in economic cooperation between the two regions.
The agreement was reached during the Tamil Nadu Global Investors Meet held in Chennai, where high-ranking officials and business leaders gathered to foster collaboration.
The Memorandum of Understanding (MOU), spanning several years, was announced by the Ministry of Trade and Industry (MTI) and Enterprise Singapore (EnterpriseSG) on Sunday (7 Jan).
The investments will be strategically implemented in high-growth sectors such as sustainability and infrastructure, reflecting a commitment to advancing technological and skills collaboration.
Tamil Nadu, the second-largest contributor to India’s GDP, has historically been an attractive destination for Singaporean companies exploring opportunities in South India. The cultural and historical ties between Singapore and Tamil Nadu have paved the way for strengthened economic relations.
A delegation led by Singapore High Commissioner to India, Simon Wong, and comprising officials from the Ministry of Foreign Affairs, MTI, and EnterpriseSG, along with 60 business representatives from the Singapore Business Federation and the Singapore Indian Chamber of Commerce and Industry, attended the event in Chennai.
The Singapore Business Federation, in collaboration with EnterpriseSG, showcased a Singapore Pavilion featuring prominent companies like Sembcorp, CapitaLand, YCH, and Blue Planet, highlighting their strong presence in Tamil Nadu.
During the event, CapitaLand reiterated its commitment to Chennai with an S$500 million investment across business parks, logistics, warehouses, and a data center.
Lionsbot, a company specializing in automated industrial-scale cleaning robots, announced a partnership with top universities in Tamil Nadu to contribute to the development of engineering and robotics talent.
Mr Tan Soon Kim, Deputy CEO of EnterpriseSG, emphasized the strategic nature of the collaborations, stating that Singaporean companies are actively expanding their engagement in Tamil Nadu.
He added, “EnterpriseSG is committed to deepening our support for companies interested in entering the market and helping them capture opportunities alongside Tamil Nadu’s ambition to be a US$1 trillion-dollar economy by 2030.”
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