Singaporean companies have unveiled plans to invest a staggering $5 billion in diverse sectors including infrastructure, technology, sustainability, and data centers in Tamil Nadu, marking an expansion of Singapore’s footprint within the southern Indian state.
This significant announcement took place during the inaugural day of the Tamil Nadu Global Investors Meet in Chennai, the capital city of Tamil Nadu.
The investments encompass various initiatives, including a substantial $500 million commitment by CapitaLand Investment in ventures spanning business parks, logistics, warehouses, and a data center.
CapitaLand Investment, which already has a significant presence in multiple tech and business parks across seven Indian cities, including Chennai, is poised to further enhance its investment in the region.
Moreover, LionsBot, a company specializing in automated industrial-scale cleaning robots, is set to collaborate with top universities in Tamil Nadu. The collaboration aims to establish training laboratories and design hardware and software courses.
Highlighting the significance of these investments, Mr. Tan Soon Kim, Deputy Chief Executive of Enterprise Singapore (EnterpriseSG), emphasized, “The latest pipeline of collaborative initiatives and associated investments shows 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.”
These developments follow the signing of memorandums of understanding between the Singaporean companies and Guidance Tamil Nadu, the investment promotion agency of the Tamil Nadu government.
The investments, slated to unfold over several years, reflect the symbiotic relationship between Singapore and Tamil Nadu, leveraging historical and cultural affinities for mutual growth.
Tamil Nadu, with a population of 72 million, stands as the second-largest contributor to India’s gross domestic product after Maharashtra. The state is ambitiously aiming to achieve a US$1 trillion economy by 2030, actively welcoming foreign investors and exhibiting a conducive business environment.
During the investors’ summit, several other deals were unveiled, underscoring the government’s aggressive efforts in securing investments, including partnerships with Tata Electronics, Pegatron, and Hyundai Motors.
Among various discussions, Singapore’s High Commissioner to India, Simon Wong, highlighted the potential for exploring renewable energy solutions like green hydrogen and green ammonia exports from India to Singapore, further cementing bilateral ties and economic collaboration between the two nations.