MOS Iswaran's speech at the opening of CyberVale, Ascendas' second IT park at the Mahindra World City

Address by MR S Iswaran Minister of State for Trade and Industry REPUBLIC OF Singapore at the Cyber Vale launch ceremony on 25 September 2007, 4.00pm (India time) MAHINDRA WORLD CITY, INDIA 

Ms. Chong Siak Ching, President & CEO, Ascendas Pte. Ltd.

Mr. Arun Nanda, Executive Director, Mahindra & Mahindra Ltd.

Distinguished guests, Ladies and Gentlemen,

I am very pleased to be here today for the official inauguration of Cyber Vale. Apart from being Ascendas’ first IT Park located within a special economic zone dedicated to the growth of industries in Tamil Nadu, it continues to underscore the growing ties between Singapore and India in hardware, software and heart-ware.

Singapore enjoys strong relations with the State of Tamil Nadu. Such relations go beyond historical and cultural ties and of late, economic ties. In a November 2006 survey commissioned by IE Singapore - of the Singapore companies with an established presence here, two-thirds had plans to expand their operations in the State for the coming years. Indeed, Singaporean companies are actively involved in commercial opportunities across a wide-range of sectors in Tamil Nadu, ranging from the traditional industries of engineering and manufacturing to business services like education and healthcare. This underscores a tremendous growth between Tamil Nadu and Singapore, and the way Singapore companies can undertake to contribute in the growth of these areas.

In particularly, in the area of industrial and urban infrastructure development, Ascendas is one of the pioneering Singapore investors in India. In 1998, Ascendas opened the International Tech Park Bangalore (ITPB), and other parks in Hyderabad, Pune and Nagpur. ITPB’s contribution to Bangalore’s remarkable growth and its plug-and-play services earned it the title of “World Teleport Property of the Year” from the New-York based Intelligent Community Forum in 2002.Today, ITPB has become the benchmark of excellence for IT parks across India.

Ascendas is now an established developer of IT Parks and hi-tech buildings in India. I am very happy to see that it is recognized for its quality products and services offering.

Cyber Vale is Ascendas’ second IT park in Tamil Nadu after the ITPC. It will add another 1 million square feet of quality space to accommodate another 12,000 skilled employees. Set amidst scenic and natural surroundings, it will offer its occupants a high quality and environment-friendly business environment.

Ascendas’ commitment goes beyond just the physical building and management of IT parks. In June this year, it launched the Ascendas India Development Trust (AIDT), a private development fund focusing on integrated property development projects. This was followed by the launch of the Ascendas India Trust a month later, Singapore’s first listed Indian property trust, which elicited a tremendous response from institutional investors as well the private investors. Its significance goes beyond fund raising to also create a model for the establishment of REITS, comprising India property and infrastructure in order to tap into the capital markets in the region and globally.

Given its strong track record and experience in India, Singapore is proud to have Ascendas as the lead company championing the Singapore-India Economic Zone (SIEZ), an idea mooted by Singapore’s Senior Minister Goh Chok Tong and Indian PM, Dr Manmohan Singh. This iconic bilateral project aims to deliver a world-class integrated township and industrial park where professionals and skilled workers will work-live-learn and play. It will be a fitting symbol and tribute to the close partnership between India and Singapore.

The development of large-scale IT parks like ITPC and Cyber Vale is testament to the rich economic prospects and opportunities that abound in Tamil Nadu. The Tamil Nadu State Government’s forwarding looking policies and its continued efforts to improve the social and economic welfare of its citizens have been key factors underpinning this remarkable economic growth. We look forward to the Government’s continued support for other Singapore companies which are keen to explore investment opportunities here and participate in your growth.

To conclude, let me congratulate Ascendas, on its latest success with Cyber Vale, and also Mahindra World City Developer, its partner in this project, for playing a significant role in making Mahindra World City a successful industrial hub. I am confident Cyber Vale will add value to the growing community here by providing a strong platform to support the operations of leading players in the global IT and ITES (Information Technology Enabled Services) sectors. Thank you and I wish you much success.

 From L-R: Mr Arun Nanda (Executive Director, Mahindra & Mahindra Ltd), MOS Iswaran, Ms Chong Siak Ching (CEO Ascendas)