Indo-Singaporean Economic Ties Get a Boost as Business Leaders Announce New Investments
Top business leaders from Singapore announced further investments in India following a meeting with Prime Minister Narendra Modi, highlighting the country's growth prospects and pro-business attitude.
Indosingaporean Economic TiesBusiness LeadersInvestmentsNarendra ModiCapitaland InvestmentReal EstateSep 06, 2024
CapitaLand Investment's Group CEO, Lee Chee Koon, highlighted the company's accelerated growth in India since PM Modi took office. “In the last seven years, our growth in India has tripled because of huge prospects in India, a stable government, steady reforms and a pro-business attitude,” Lee told ANI. He added that CapitaLand aims to more than double its funds under management in India in the coming years.
The digital infrastructure sector also showed keen interest in the Indian market. Bruno Lopez, CEO of ST Telemedia Global Data, announced plans to invest over ₹26,000 crore in India over the next five years. Lopez praised India's digitalisation efforts, stating, “The commitment to digitalisation across India is an example to follow for a lot of places,” as quoted by ANI.
In the renewable energy sector, Kim Yin Wong, CEO of Sembcorp Industries Ltd, expressed excitement about recent policy changes. “PM Modi and his ministries over the last few years implemented important policies that enabled the viability and credibility of the solar electricity corporation of India,” Wong said, indicating interest in collaborating with Indian companies NTPC and NHPC.
Gautam Banerjee, Senior Managing Director and Chairman of Blackstone Singapore, reflected on the firm's success in India. “What we have done in the last 10 years has been much more than we could achieve earlier,” Banerjee remarked, crediting PM Modi's “increased vigour and focus” for creating numerous opportunities.
The Singapore Business Federation's CEO, Kok Ping Soon, noted PM Modi's pro-business attitude and highlighted potential areas for collaboration, particularly in skill development.
Sean Chiao, Group CEO of Surbana Jurong, acknowledged India's rise as a major global player under PM Modi's leadership and suggested further market liberalisation to encourage more collaboration with Singaporean companies.
In response to the enthusiastic reception, PM Modi shared on microblogging platform X, “Interacted with top business leaders and CEOs in Singapore. We talked about ways to deepen economic linkages. I highlighted the reforms underway in India, which will encourage investment and innovation.”
The meeting also saw the announcement of an Invest India Office in Singapore aimed at facilitating Singaporean investments across various sectors in India. Four Memoranda of Understanding (MoU) were exchanged in areas including the semiconductor ecosystem, digital technologies, skill development, and healthcare.
Information
CapitaLand Investment is a real estate investment manager with $5.7 billion in funds under management in India. The company aims to grow in India by investing in data centres, logistics, and other sectors.
Blackstone is a global investment firm with a presence in India. Surbana Jurong is a Singapore-based urban planning and infrastructure consultancy firm. Sembcorp Industries Ltd is a Singapore-based energy and water company. ST Telemedia Global Data is a Singapore-based digital infrastructure company.
Keywords Indo-Singaporean economic ties, business leaders, investments, Narendra Modi, CapitaLand Investment, Blackstone, Surbana Jurong, Sembcorp Industries Ltd, ST Telemedia Global Data
Frequently Asked Questions
What was the outcome of the meeting between PM Modi and Singaporean business leaders?
The meeting resulted in the announcement of new investments in India by Singaporean business leaders, as well as the establishment of an Invest India Office in Singapore.
Which sectors showed interest in investing in India?
The digital infrastructure, renewable energy, and real estate sectors showed interest in investing in India.
What is the current amount of funds under management by CapitaLand Investment in India?
$5.7 billion
What is the goal of CapitaLand Investment in India?
To more than double its funds under management in India in the coming years.
What is the name of the microblogging platform where PM Modi shared his thoughts on the meeting?
X
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