As ties between the two countries strengthen across sectors, Tata Sons chooses Singapore as a key partner for semiconductor ventures, with major investments planned in India.
Tata Sons has decided to make Singapore a partner for its semiconductor initiatives, according to Singapore’s Minister for Home Affairs and Law, K Shanmugam. Following a meeting with Tata Sons Chairman N Chandrasekaran, Shanmugam confirmed that semiconductors were a significant topic of discussion. He emphasised that while Tata Group could work with anyone globally, it intends to work closely with Singapore.
Tata Group has ambitious plans in semiconductor manufacturing, including a Rs 910 billion investment for a fab in Gujarat and a Rs 270 billion project in Assam, in collaboration with Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC).
Shanmugam and Minister Tan See Leng are visiting Singapore’s financial hub. He highlighted Singapore’s local entities produce 20% of semiconductor equipment. Despite its small size, Singapore hosts 25 foundries, though not the most advanced globally.
Shanmugam also addressed questions about India’s decision to exit negotiations for the Regional Comprehensive Economic Partnership (RCEP) in 2019, citing economic and political concerns.
He suggested that changes in the US political landscape could lead to new bilateral and multilateral trade arrangements, especially considering anticipated increases in US import duties.
On international partnerships for cross-border payments, Shanmugam mentioned that like-minded countries would likely come together, though some boundaries may be necessary to prevent fraud.
He also discussed the growing ties between India and Singapore beyond trade, with strong collaborations in energy, semiconductors, and strategic security. Shanmugam pointed out that, while small, Singapore’s strategic importance and business acumen make it an essential partner globally.
Singapore’s High Commissioner to India, Simon Wong Wie Kuen, also announced that the Port of Singapore Authority (PSA) is exploring investment opportunities in India’s new Wadhavan port in Maharashtra, in addition to its existing investments in India’s largest container port, JNPA.
The ministers’ visit included meetings with Indian industry leaders, such as Jamshyd Godrej, Zia Mody, Naushad Forbes, and R Mukundan, organised by the Confederation of Indian Industry (CII).
