M K Stalin meets top Singapore CEOs; invites them to invest in the state

Singapore: Tamil Nadu Chief Minister M K Stalin met top CEOs of Singapore-based companies and urged them to invest in the state while highlighting the conducive environment for starting new ventures.

Stalin also invited the CEOs to attend the Global Investors Meet to be hosted by the Tamil Nadu government in Chennai in January 2024.

Stalin is on a two-nation official tour of Singapore and Japan to attract investments to Tamil Nadu and invite investors to the Global Investors Meet.

Welcoming Stalin, Singapore's Minister of Trade Relations S. Iswaran said that Tamil Nadu has embarked on an ambitious plan to become a trillion-dollar economy by 2030, and a key thrust is to grow the state’s manufacturing and green economy sectors.

Addressing an investment conclave held here on Wednesday to promote businesses between India and Singapore, Iswaran said, “Singapore companies are keen to contribute to the realisation of this vision and participate in Tamil Nadu’s growth story.” Singapore’s Hi-P signed a Memorandum of Understanding (MoU) with Guidance Tamil Nadu, the state nodal agency for investment promotion, to establish its first manufacturing plant in India.

Hi-P is a contract manufacturer for the telecommunications, lifestyle and computing industries, specialising in electromechanical components.

To foster closer ties between business communities, the Singapore Indian Chamber of Commerce and Industry (SICCI) and Guidance Tamil Nadu signed an MoU covering investment promotion, research and innovation, trade diversification and supply chain resilience. It will facilitate business matchmaking, promote the joint development of new technologies, and open up new opportunities for partnership and strengthening cooperation in new areas, Iswaran said.

“Building on this foundation, Singapore hopes to deepen collaboration with Tamil Nadu in new areas of mutual interest,” Iswaran said.

He highlighted three promising areas, the green economy, the digital economy, and skills development, and said that sustainability and decarbonisation are key global imperatives, and businesses play an important role in this effort.

"In the green economy, CapitaLand established green-certified International Tech Parks and green buildings. Sembcorp has also invested in renewable energy projects in Tamil Nadu and continues to seek opportunities in the green energy space," Iswaran said. Stalin also requested Singapore-based real estate major CapitaLand's contribution to creating research and development facilities in Tamil Nadu.

Stalin took to Twitter after the meetings, and said, "Had discussion and productive engagement with the heads of major financial and industrial institutions from Singapore. The talks with Dilhan Pillay Sandrasegara, Executive Director and CEO of Temasek, Kim Yin Wong of Sembcorp and Sanjeev Dasgupta of CapitaLand reaffirmed the long-standing relations between Tamil Nadu and Singapore." "They expressed their keen interest in investing in Tamil Nadu and partnering with us in our journey towards becoming a trillion-dollar economy. Looking forward to building and continuing further upon the historical and mutually beneficial partnership between Tamil Nadu and Singapore," the chief minister added.

The two sides explored the possibilities of expanding the existing investments in renewable energy, industrial parks and logistics to new areas like food processing and fishing.

Singapore’s Ministry of Trade and Industry signed an MoU with the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) to cooperate on a “Sustainable Industrial Park” which will serve to develop and test innovative solutions for decarbonisation in manufacturing and trade.

“It will bring together Singapore agencies like the Centre for Liveable Cities and JTC Corporation as knowledge partners for SIPCOT, the developer of industrial spaces in Tamil Nadu,” Iswaran, also Singapore’s Transport Minister, said.

The aim is to establish pilot projects that incorporate sustainability into master planning, financing, logistics, renewable energy, and water and waste management in the park, he said, adding that the expertise Singapore companies have developed in these areas can be leveraged for mutual benefit through cooperation with Tamil Nadu and Indian companies.

Iswaran added that the digital economy is the other driving force for growth, which includes “Industry 4.0”, or smart manufacturing, solutions to help companies improve their manufacturing capabilities and productivity.

“Our governments are working together to support MSMEs in their journey towards Industry 4.0. Digitalisation, automation, data analytics, and e-commerce can help MSMEs reduce costs, scale up and reach new markets," the Singapore minister said.

Singapore and Tamil Nadu also signed two MoUs on skill development to strengthen people-to-people connections.

The first being between the Institute of Technical Education Education Services (ITEES) and the Tamil Nadu Skills Development Corporation, while the second was signed between the Singapore University of Technology and Design (SUTD) and Guidance Tamil Nadu.

Iswaran said that Tamil Nadu serves as an ideal entry point for Singapore companies into the state and India, given its favourable business climate, talented workforce, and supportive government agencies.

“I would like to urge all our businesses to actively network with the visiting delegation and seriously explore the economic opportunities in Tamil Nadu and India,” he said after the conclave.