Singapore, one of India’s key knowledge partners, pledged Rs 27,000 crore investment in state of Gujarat at the recently concluded Vibrant Gujarat Summit 2024. Talking to media at the summit, Singapore High Commissioner Simon Wong said that his country will focus on new areas such as semiconductors and green energy.
Talking to FE Digital, Wong also spoke extensively about the new project that Singapore is setting up in Tamil Nadu. When asked about the net zero industrial park, which will be first of its kind, Wong said, “Net zero buildings and net zero industrial park is the new future and what better place to test out new technology and new standards than in India.”
The High Commissioner, who has a positive outlook on India’s growth story further added, “You (India) are on the rise and you (India) are on the biggest march in the region.”
Wong also spoke about the bilateral trade ties between the two countries. “We want to be the knowledge partner with India, and we want to test it out in different states, and we have identified Tamil Nadu as one of the key states to start work on.”
On overall investments in India, Wong said that “in the whole of India, our cumulative investment (in past 10 years) is $120 billion dollars. This is as of now. And every year, I mean Singapore as a whole, put in nearly $15 to $18 billion dollars per year in India.”
According to Wong, Singapore has been India’s largest investor for eighth consecutive year. “I think this year will be best because of one simple thing. It’s called the Modi guarantee,” Wong added.
This year, Singapore attended the Vibrant Gujarat Summit with 100-strong delegation.
What is net zero industrial park?
The park is currently in the initial planning phases, and both parties are collaboratively developing a framework that is expected to be finalized within a year. This framework will serve as a comprehensive guide for various aspects of park management, including emission measurement, funding mechanisms, and the precise selection of one location from the three identified in north Chennai. Chennai boasts a robust foundation in electronics manufacturing, hosting major companies such as Nokia and Samsung.