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TN can be Singapore's manufacturing base: CM

By Our Special Correspondent

CHENNAI Oct. 11. The Chief Minister, Jayalalithaa, today invited Singapore participation in establishing manufacturing enterprises in Tamil Nadu.

"This will be a very useful location in a global trading order. Chennai and Tamil Nadu can be your manufacturing base and from here, you could organise shipping to any part of the world. Together we can be a very powerful trade combine, she told a team led by the Singapore Minister of State for National Development, Vivian Balakrishnan, at the Secretariat here.

Chennai was the hub for the entire south India. The State had plans to develop a special economic zone near the Ennore port. The Chief Minister invited participation by the city-state in this venture as well.

Mr. Vivian Balakrishnan was accompanied by officials from the Ministry of National Development, the Building and Construction Authority and the International Enterprise Singapore. As many as 40 business delegates are here to explore investment prospects.

Biotech park as joint venture

"We are keen on establishing a biotech park in Chennai in collaboration with the Singapore Government. We have already had discussions with the Genomic Institute of Singapore to explore further possibilities in this vital area,'' Ms. Jayalalithaa said.

Earlier, State Government officials and a private developer, in their presentations, said investment opportunities existed in township and infrastructure development and also in joint ventures in many areas.

Officials from the Tamil Nadu Industrial Development Corporation, the State Industries Promotion Corporation of Tamil Nadu, the Electronics Corporation of Tamil Nadu Limited, the Mahindra Township, the Chennai Metropolitan Development Authority and the Tamil Nadu Housing Board listed various possibilities to the team.

The team is in Chennai in the last leg of its India visit, which began in Mumbai on October 6. The team also held discussions with officials in Hyderabad.

According to a joint media release, India has over the past three years become one of Singapore's top five destinations for export of construction services. Singapore also ranks as India's fourth largest investor, accounting for an FDI inflow of $17.9 million in New Delhi, Tamil Nadu, Maharashtra, Karnataka and Andhra Pradesh.

Singapore and India are also working towards a free trade and investment area. The Federation of Indian Chambers of Commerce and Industry will organise the first India-ASEAN business summit, which will bring together about 500 business professionals on October 17 and 18 in New Delhi and Hyderabad respectively.

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