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Our Bureau

Singapore companies were looking for alternative investment destinations to China and Vietnam.

Chennai , Nov. 7

A delegation of officials from Singapore led by the Minister of State for Trade and Industry, Mr S. Iswaran, who met with the Tamil Nadu Chief Minister, Mr M. Karunanidhi, here held discussions on Singapore companies investing in a range of sectors in the State, according to sources in the know.

They said that Singapore was interested in investing in industrial parks, information technology parks and biotechnology projects among a host of industries. Companies were looking for investment opportunities in Tamil Nadu and the objective of the meeting was to examine options to carry the effort forward.

Singapore companies were looking for alternative investment destinations to China and Vietnam. Tamil Nadu, particularly Chennai, is considered an ideal option because of the geographical advantage, skilled human resource and encouragement to industry.

It may be recalled that at a recent meeting between Singapore's Senior Minister of State for Foreign Affairs, Dr Balaji Sadasivan, and the Chief Minister, a proposal to set up a Singapore-India Economic Zone was mooted to facilitate the investments. Gummidipoondi, an industrial suburb to the north of Chennai, is being considered a possible location for the facility meant exclusively for Singapore companies.

Even in the early 1990s, a Singapore Corridor was proposed with the idea of facilitating investments. However, that project which was then at an advanced stage of planning was given up.

But investments from Singapore are gaining momentum with a number of players led by Ascendas, a Singapore-based company, investing here. Ascendas has developed a 550,000 sq ft IT park on the Old Mahabalipuram Road and is expanding its presence through a second phase. It is also setting up a one million sq ft IT park at the Mahindra World City.

More Stories on : Infrastructure | Foreign Trade | Tamil Nadu

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