RAVI SINGARAM
India’s economy is growing at a fast pace, and Singapore businesses are latching on to the opportunities it has to offer.
India’s GDP is forecast to rise to US$7.3 trillion ($9.7 trillion) in 2030, which would make it the third-largest economy in the world, according to S&P Global’s Global Credit Outlook 2024 report.
With Singapore’s strategic placement as a hub connecting India to various markets in South-east Asia and beyond, the role it plays in India’s economic growth is now more vital than ever before.
The announcement of $5 billion worth of investments by Singapore companies in various projects in Tamil Nadu at the Jan 7 and 8 Tamil Nadu Global Investors’ Meet (TNGIM) in Chennai was therefore met with high spirits on both sides.
Singapore’s High Commissioner to India Simon Wong reportedly said at the event: “Being the first partner country of Tamil Nadu, we want to assure (the state) that our journey together will be a long-standing one.”
Mr Wong led a delegation of officials from the Ministry of Foreign Affairs, Ministry of Trade and Industry and Enterprise Singapore, as well as 60 members from the Singapore Business Federation (SBF) and Singapore Indian Chamber of Commerce and Industry.
The memorandums of understanding (MOU) signed between Singapore companies and GuidanceTN, the investment promotion agency of the Tamil Nadu government, spanned a range of high-growth sectors and will be implemented across several years. Among the signatories were CapitaLand Investment, ST Telemedia Global Data Centres, Crayon Data and Lionsbot.
The Times of India reported that CapitaLand will invest $750 million in Chennai over the next five years, which includes the development of an international tech park and a data centre.
Lionsbot, which designs and manufactures automated industrial-scale cleaning robots, will partner universities in Tamil Nadu to drive the development of engineering and robotics talent.
Crayon Data, a leader in AI solutions, plans to create 150 direct and 350 indirect jobs within the next three years by furthering its presence in Chennai.
ST Telemedia Global Data Centres, the oldest and largest data centre operator in Tamil Nadu, is planning additional data centre capacity of up to 80MW over the next 10 years across various locations in the state.
SBF, supported by EnterpriseSG, also set up a Singapore pavilion showcasing Singapore firms with a strong presence in Tamil Nadu, including Sembcorp, YCH and Blue Planet, in sectors such as renewable energy, waste management and logistics. It aided Singapore investors to connect with entrepreneurs from India.
Mr Sinil Kumar, co-founder of Indian company Techno Sportswear which makes activewear fabrics and exports to Singapore, said: “Singapore can be the catalyst for the Asian century by investing more in India.”
