Singapore-based Hi-P International Pvt Ltd will set up an electronics parts manufacturing plant in Tamil Nadu with an investment of ₹312 crore and provide employment to around 700 persons. A Memorandum of Understanding (MoU) was signed between Tamil Nadu Career Guidance Corporation limited and the company in Singapore on Wednesday in the presence of Tamil Nadu Chief Minister Mk Stalin.

The Chief Minister is touring Singapore to attract investments to the State, and also invite government and company officials to the Global Investors Meeting scheduled to take place in Chennai coming January.

Expanding reach

Five other MoUs were also signed. This include establishing cooperation between Tamil Nadu Career Guidance Institute and Singapore Indian Chamber of Commerce and Industries in the areas of research and innovation, university cooperation, cooperation between government institutions and private sectors, support for export activities of industries in Tamil Nadu.

An MoU was also signed between the Singapore-India Partnership Office and SIPCOT, Government of Tamil Nadu for cooperation in economic activities and development, says a government release.

Speaking at at the Investors’ Summit, Stalin said that the State government has set itself a target of becoming a $1 trillion economy by 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.

In the last two years, Tamil Nadu has conducted various sector-specific investment promotion events and so far MoUs have been signed for 226 projects. Investments to the tune of ₹2.95 lakh crore have been ensured and employment has been ensured to 4.12 lakh persons.

Four Singapore-based companies have entered into agreements with the State government in the last two years with an investment of ₹4,800 crore, thereby creating employment to 6,200 persons, he said.