New Delhi [India], January 6 : Singapore has announced plans to make investments in Tamil Nadu's green economy and sustainability sector at the Tamil Nadu Global Investors Meet 2024.
According to a statement by the High Commission of Singapore in India, Singapore and its companies will strengthen economic cooperation with the state of Tamil Nadu.
This will be through expanded investments into Tamil Nadu's green economy and sustainability sector, as well as the infrastructure development (including data centres, IT parks, and logistics) sector. These investments will be announced during the Tamil Nadu Global Investors Meet (TNGIM), held in Chennai on January 7 and 8, 2024.
Singapore will participate as the first partner country at the TNGIM, alongside eight other countries. A dedicated Singapore Pavilion will be set up to showcase Singapore companies with a strong presence in the state. It will feature a total of seven companies, including Sembcorp, CapitaLand, YCH, and Blue Planet, in sectors such as renewable energy, waste management, and logistics. These companies also have plans to increase their investments in Tamil Nadu, the statement added.
Singapore High Commissioner to India Simon Wong will lead a delegation of officials and 60 business delegates to the TNGIM. High Commissioner Wong will deliver the opening remarks at the Singapore Seminar, which will be held on January 8, 2024.
He said that Tamil Nadu has the potential to be a key partner for Singapore in exploring exports of promising renewable energy solutions such as green hydrogen and green ammonia from India to Singapore. The Singapore Seminar will feature a fireside chat with business leaders on partnership and collaboration for a greener future. The panel will comprise Singapore CEOs from Sembcorp Industries, CapitaLand Investment, Blue Planet Renewables, and EnvironSens.
Several new Memoranda of Understanding (MoUs) will be concluded and signed between Singapore companies and the Government of Tamil Nadu (Guidance TN) at the TNGIM. These MoUs, totaling more than SGD 5 billion or over Rs 31,000 crore in investments, signal Singapore's continued interest and confidence to capture new opportunities in the state.
For instance, to capture the fast-growing opportunities in India's digital economy, CapitaLand has committed to additional investments in Chennai, to be deployed across business parks, logistics, warehouses, and a data centre, the statement concluded.
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