Stalin woos Singapore investors, bills TN as favourble investment destination

Chennai: Tamil Nadu Chief Minister M K Stalin on Wednesday met top officials of various firms in Singapore and invited them to invest in the southern state, while highlighting the conducive environment for starting new ventures.

Six Memoranda of Understanding were signed between Tamil Nadu and Singapore entities.

The Chief Minister is on a two-nation official tour of Singapore and Japan to attract more investments to Tamil Nadu and invite investors for a business conclave scheduled here next January.

“They expressed their keen interest in investing in our Tamil Nadu and partner with us in our journey towards becoming a trillion-dollar economy,” 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.

“Looking forward to build and continue further upon the historical and mutually beneficial partnership between Tamil Nadu and Singapore,” Stalin added.

A government release here said Stalin thanked Temasek for its existing investment in the wind power sector in Tamil Nadu and invited the company to expand its footprint in the state.

He told Wong of Sembcorp that the Government of India has simplified the regulations regarding pumped hydro storage projects and urged the company, operating in the renewable energy sector, to explore the PPP model to implement initiatives in his state, the release added.

He requested CapitaLand’s contribution in creation of research and development facilities in Tamil Nadu.

The release quoted the company officials as expressing keen interest to explore investment options in Tamil Nadu and assuring to take the matter forward.

Later in the day, six pacts were signed in the presence of Stalin at an investors conference in Singapore, an official release said.

This included a proposed investment of Rs 312 crore in the state by Singapore-based Hi-P International Pvt Ltd in manufacturing of electronic components. This will bring in 700 job opportunities, it said.

In his address at the event, Stalin showcased Tamil Nadu’s industrial potential, its existing conducive business environment and his government’s resolve to increase the growth of his state and transform its economy.

“In order to play a vital role in shaping the economy of India, we in Tamil Nadu, have set ourselves the target of becoming USD 1 tn economy by the year 2030. We are taking all efforts to achieve our target.”

“On this occasion, I appeal to you to invest on a large scale in Tamil Nadu which will be mutually beneficial to both Tamil Nadu and Singapore,” he said and referred to the various existing investments from that country in his home state.

Earlier, the Chief Minister met Singapore Transport Minister S Iswaran and discussed improving economic and bilateral ties between the two countries and also invited him for the Global Investors Meet slated here in January 2024.

Iswaran is also Minister-in-charge of Trade Relations.