Singapore Wows With Investment Of SGD $5 Billion in Tamil Nadu India
Singapore companies have announced a substantial investment of $5 billion in various sectors in Tamil Nadu, India, further strengthening their presence in the region. This significant development was unveiled during the Tamil Nadu Global Investors Meet (TNGIM). TNGIM was held in Chennai on January 7th and 8th.
A key highlight of this investment is CapitaLand Investment’s commitment of $500 million. CapitaLand will direct it towards business parks, logistics infrastructure, warehouses, and a state-of-the-art data center. Notably, CapitaLand Investment already has a substantial footprint in India. Currently, it has a presence in more than 20 tech and business parks, industrial facilities, logistics centers, lodging establishments, data centers, and coworking spaces across seven Indian cities, including Chennai.
In addition to CapitaLand, Lionsbot will collaborate with top universities in Tamil Nadu. Their partnership aims to establish training laboratories and develop hardware and software courses. This will further contribute to technological advancements in the state. Lionsbot is a company specializing in the design and manufacture of automated industrial-scale cleaning robots.
Not Just Another Investment: Singapore Firms Actively Creating Employment Opportunities in India
Singaporean firms are not only investing in Tamil Nadu’s infrastructure but are also actively creating employment opportunities. Crayon Data plans to create 150 direct jobs and 350 supporting positions within the next three years. Currently, Crayon Data operates a global development center in Chennai and employs 150 professionals. Crayon Data is a company specializing in AI-led solutions for the banking, fintech, and travel industries.
The Singaporean companies and GuidanceTN, the investment promotion agency of the Tamil Nadu government formalized these agreements for these investments through Memorandums of Understanding (MoUs). The companies will implement these investments through a period of a few years. This action reflects the long-term commitment of Singaporean businesses to Tamil Nadu state.
Tamil Nadu, with its population of 72 million, is the second-largest contributor to India’s Gross Domestic Product (GDP). The state trails only behind Maharashtra, where Mumbai is located. The state has set ambitious goals, aiming to achieve a $1 trillion (approximately S$1.33 trillion) economy by 2030, and has actively sought foreign investments. Last year, Tamil Nadu’s Chief Minister, Mr. M.K. Stalin, visited Singapore to attract investments from the Southeast Asian nation. While there, he met former Singapore minister of trade and investments, S Iswaran.
The collaboration between Singapore and Tamil Nadu goes beyond economic investments. Singapore’s participation as a partner country in the Global Investors Meet further underscores the strong relationship between the two regions, fostering growth, innovation, and cooperation in various sectors.
