Tata Sons is set to make Singapore a major partner in its semiconductor initiatives, according to a statement from K. Shanmugam, Singapore’s Minister for Home Affairs and Law, on Friday. Following a meeting with Tata Sons Chairman N Chandrasekaran, Shanmugam revealed that semiconductors were a key focus of their discussions. He noted that while Tata Sons has the flexibility to collaborate globally, Singapore is expected to be a significant partner in these endeavors.
“While Tata can choose to work with partners globally, Singapore will likely be a key partner,” Shanmugam stated. Shanmugam, accompanied by Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng, is on a brief visit to Mumbai.
Highlighting Singapore’s strong semiconductor infrastructure, Shanmugam remarked on its established position, with Singapore accounting for 20% of the world’s semiconductor equipment production. Although Singapore’s area is only 670 square kilometers, it hosts 25 semiconductor foundries.
The Tata Group has ambitious semiconductor plans, including a Rs 91,000 crore investment in Gujarat and another Rs 27,000 crore project in Assam, partnering with Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC).
Asked about NITI Aayog CEO B V R Subrahmanyam’s call for India to reconsider joining the Regional Comprehensive Economic Partnership (RCEP), Shanmugam refrained from a direct response, noting that India had previously cited economic and political concerns in 2019 for opting out.
Shanmugam also mentioned the possibility of expanding bilateral and multilateral trade post-US elections, suggesting that countries should remain agile in response to any upcoming import duty changes in the US. Regarding international partnerships for cross-border payments, Shanmugam expressed confidence that “like-minded” nations would collaborate on this front, despite potential barriers aimed at preventing fraud.
India-Singapore relations are expanding beyond traditional trade to include key areas such as energy, semiconductors, and strategic security, according to Shanmugam. Singapore, despite its small size, is seen as a valuable hub for attracting businesses and thought leaders. Simon Wong Wie Kuen, Singapore’s High Commissioner to India, noted that the Port of Singapore Authority (PSA) is exploring investment opportunities in India, including the upcoming Wadhavan port project in Maharashtra.
The ministers are set to join DBS Bank’s anniversary celebration, and attend a luncheon hosted by Temasek, Singapore’s investment arm. They will also meet with prominent Indian business leaders, including CII members Jamshyd Godrej, Zia Mody, and Naushad Forbes, as part of efforts to strengthen India-Singapore collaboration.
