HIGH EXPECTATIONS: R. Ramraj, vice-president, CII-Tamil Nadu; M. Rajaram, chairman, Singapore Indian Chamber of Commerce and Industry; Chua Thian Poh, president, Singapore Chinese Chamber of Commerce and Industry; and N. Kumar, past president, CII, at a meeting in Chennai on Monday. — Photo: Shaju John

CHENNAI: A combination of factors promising to spur economic ties between India and Singapore are in place, making it the ideal time for investors from the city-state to exploit the ample opportunities available in the country.

This was the message that came out of speeches by trade and industry leaders, a diplomat and a policy maker at two meetings organised here on Monday to host a visiting trade and business delegation from Singapore.

Prominent among the factors, said Singapore Indian Chamber of Commerce and Industry chairman M. Rajaram, were favourable government-to-government ties, the comprehensive economic cooperation agreement (CECA) between the two countries and networking among industry chambers.

Addressing a meeting, organised by India-ASEAN-Sri Lanka Chamber of Commerce and Industry, and presspersons, he expressed confidence that the visit of the 50-member delegation would revive interest in Tamil Nadu as a destination for investment. With the ruling party in the State being part of the coalition at the Centre, there would be "no inconsistent decisions and disparity in efforts."

Earlier, speaking at a meeting hosted by the Confederation of Indian Industry, Mr. Rajaram said greater business interaction between entrepreneurs of the two countries would give "life" to the CECA.

Prior to the meeting, the delegation met Chief Minister M. Karunanidhi. Minister for Higher Education K. Ponmudi, Chief Secretary L.K. Tripathy and Industries Secretary Shaktikanta Das were present.

Describing the meeting as interesting, Mr. Rajaram said the investors hoped for more investor-friendly policies.

Singapore Chinese Chamber of Commerce and Industry president Chua Thian Poh said Indian real estate, which was expected to post significant growth, was one areas of interest to many Singapore companies. Some of them were already riding the wave.

Consul-General designate of Singapore Ajit Singh, who addressed both the meetings, said he had little hesitation in recommending Tamil Nadu to the investors from Singapore. "We are not the only ones looking at Chennai." South Korea, Taiwan and Malaysia had either invested or were keen on doing so.

Singapore wanted to take advantage of the reforms in India and the opportunities the country offered.

"There is fire in the belly [of the Singapore business community] to come to India," he said.

M. Velmurugan, director, Tamil Nadu Industrial Guidance and Export Promotion Bureau, made a presentation at the CII meeting, highlighting the advantages of investing in the State, including the availability of abundant skilled manpower.

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