Singapore a partner country at the Tamil Nadu Global Investors’ Meet 2024 has signed S$5 billion in planned investments between Singapore companies and GuidanceTN, the investment promotion agency of the Government of Tamil Nadu
Singapore is strengthening economic cooperation with the Indian state of Tamil Nadu, through expanded investments into the state’s sustainability and infrastructure sectors. These investments were announced at the Tamil Nadu Global Investors Meet (TNGIM) held in Chennai on 7 and 8 January 2024, where Singapore participated as a partner country.
The Singapore delegation was led by High Commissioner to India, Mr Simon Wong, with officials from the Ministry of Foreign Affairs, Ministry of Trade and Industry (MTI), and Enterprise Singapore (EnterpriseSG). About 60 business representatives from the Singapore Business Federation (SBF) and the Singapore Indian Chamber of Commerce and Industry were also there at the TNGIM.
The SBF, 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, in sectors such as renewable energy, waste management and logistics. New MOUs signed to partner Tamil Nadu in high-growth areas
During the event, S$5 billion in planned investments were concluded between Singapore companies and GuidanceTN, the investment promotion agency of the Government of Tamil Nadu. To be implemented over several years, the MOUs span across high-growth sectors such as sustainability and infrastructure, as well as collaboration in technology and skills.
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 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 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 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.”
High Commissioner Wong delivered the opening remarks at the Singapore Session on 7 January, where 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. The session also featured a fireside chat, comprising CEOs from leading Singapore companies such as Sembcorp Industries, CapitaLand Investment, Blue Planet’s QUBE Renewables, and EnvironSens, on the topic of Partnership and Collaboration for a Greener Future. MTI and the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) also co-organised a panel discussion at TNGIM on “A Framework for India’s first Net Zero Industrial Park”.
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 US$354 billion.
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