Singapore a natural fit for Tamil Nadu in terms of trade, says Finance Minister

Palanivel Thiaga Rajan expresses confidence that the trade will accelerate further in the coming years

Finance Minister Palanivel Thiaga Rajan on Tuesday said that Singapore was a natural fit for India, particularly Tamil Nadu, in terms of trade relations.

Addressing a discussion organised by Nanyang Technological University (NTU), Singapore, in association with the Confederation of Indian Industry, he said that there was a natural connection between Tamil Nadu and Singapore because of history, language and back and forth migration of people.

Stating that his focus as Finance Minister in the last 17 months since his party came to power was on fixing the existing problems, he expressed confidence that the growth in trade will accelerate further, going forward. “The numbers are looking better. We can now transition to the next phase,” he said. He added that both the present Consul General of Singapore in Chennai, Edgar Pang, and his predecessor were working closely with the Tamil Nadu government for increased collaboration.

Kris Gopalakrishnan, chairman, Axilor Ventures and a donor for NTU, highlighted the need for increased collaboration between academic institutions. Pointing out that there was a need for Indian academic institutions to move up in global rankings, he said that partnership in research with institutions like the NTU, which is already ranked better, can help them achieve the growth.

He stressed the importance of partnership between institutions like the NTU and those in India in finding solutions for key problems faced by the world since such partnerships can double the research output. “When a solution is found by a higher income country, it can be used by only 10% of the people. However, when a solution is found by India, it becomes affordable to all the people in the world,” he said.

Subra Suresh, president, NTU, highlighted the scope for increased collaboration with the automotive industry in Tamil Nadu since the institution was already doing some advanced research in that area.

Mr. Pang said that the trade relations between Singapore and India, particularly Tamil Nadu, was long-standing and deep-rooted. He said that the present government in Tamil Nadu was actively making efforts to ensure a business-friendly environment.