Tamil Nadu   

Plea for Singapore corridor near Chennai

Special Correspondent

It will attract large investments from Singapore-based firms

CHENNAI: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has requested Chief Minister M. Karunanidhi to set up ‘Singapore corridor ’ near the city.

If implemented, Tamil Nadu would attract large investments from the manufacturing firms based out of Singapore.

Talking to newsmen here on Sunday, ASSOCHAM president V. N. Dhoot said they were playing the role of a ‘facilitator.’

The investors preferred Tamil Nadu to other southern States, since it provided better investment climate, low manufacturing cost and responsive bureaucracy.Recently, ASSOCHAM sent its officials to Singapore to study the success story.

“We came to know that some of the manufacturing companies in Singapore were facing pressure owing to huge labour costs and limited space and were willing to shift their operations to Tamil Nadu, since it also shared the same culture. The cost in savings could be huge as skilled workforce is available in Tamil Nadu aplenty.”

Asked about the number of firms willing to shift their base to Tamil Nadu, he said that ASSOCHAM was “in the final stages of completing the study.

This would be presented to Chief Minister M. Karunanidhi.”ASSOCHAM sought a reduction in Central ministries from 53 to about 40.

“It is time a collective initiative was taken to think on the lines of reducing the number of ministries by merging a good number of them with relevant ones.”

“Tamil Nadu has been faring well almost on all fronts but lagging behind in execution of special economic zones. During the current year, the State should be able to execute nine Special Economic Zones that would provide employment to 1,76,000 people on an investment of Rs 7,107 crore. So far the investments made in the SEZs are Rs 772.80,” he added.

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