Singapore might be a tiny country but in 2012 it was the second largest investor in India. With the bilateral trade between India and Singapore doubling to almost S$30 billion, Singapore now ranks as India’s 8th largest trading partner, said Ajit Singh, the outgoing Singapore Consul General in Chennai, while addressing a reception held to celebrate Singapore’s 48th national day.
In the last 12 years, Singapore’s cumulative investment in India has touched S$23 billion, and Indian investments into Singapore have grown eight times since 2005, with around 5,400 Indian companies operating in Singapore now, making Indian companies the largest foreign business community in Singapore.
With Tamil Nadu, Singapore shares a special relationship “rooted in long history, strong community bonds, and shared values and traditions. For Singapore, Tamil Nadu is an important investment destination by choice,” he said.
Tamil Nadu officials say Singapore companies form the third largest foreign group in the State.
Singapore’s Ascendas and a Japanese consortium have already started work to develop a township spread over 1,450 acres near Chennai.
Costing $800 million, when completed this would be the largest Singapore project in India and would house around 200,000 people, Singh added.