In a freewheeling exchange on Saturday, Lim Ming Yan, chairman of Changi Airport Group (CAG), and Prasoon Mukherjee, chairman of the Singapore Business Federation’s India Business Committee, discussed connectivity, capital and collaboration.
On the stratergic importance of civil aviation for India
Changi Airport Group’s Lim drew a direct line between Singapore’s port and airport infrastructure and the city-state’s remarkable economic ascent. “Singapore’s economy was able to grow because we were able to be connected to the rest of the world,” he said, adding that global connectivity has attracted waves of foreign direct investment and enabled businesses to scale outward.
For India, he said, the logic is no different-even if the scale and complexity are vastly greater. Lim said that over the last two decades, civil aviation infrastructure in India has improved significantly, and this trajectory will continue over the next ten to twenty years. He, however, was careful not to discount India’s other infrastructure imperatives-railways, waterways and highways-stressing that multi-modal connectivity is the overarching goal.
“I have seen geographies where airports and railway stations are very well connected, quite seamless for passengers to move from one mode to another,” he said. Civil aviation, in his framing, was not a rival to rail and road, but a complementary and indispensable layer in India’s overall connectivity architecture.
On CAG’s investment appetite in Indian airportsOn whether Changi Airport Group will bid more actively for Indian airport PPP (public-private partnership) projects, Lim pointed to its experience in Durgapur as evidence of the group’s ability to add value even at relatively modest-scale facilities.
He was candid about the conditions that would govern any larger commitment. “CAG is good at managing airports. We are happy to work with investors who are familiar with the local context, where we bring in technical competency and expertise,” he said. A winning model, he suggested, would pair Changi Airport Group’s operational excellence with a partner deeply rooted in India’s ground realities.
On Singapore’s investment record in India
Mukherjee of the Singapore Business Federation’s India Business Committee said Singapore has done a lot of heavy lifting but still has to do a lot. He offered a frank reckoning of Singapore’s investment record in India, acknowledging both genuine milestones and a far larger gap yet to be closed.
He cited Singtel’s significant stake in Airtel-valued at about $30 billion-and the Singapore Alliance’s recent investment in Air India as meaningful commitments. But he was unambiguous about what remained undone. Singapore Prime Minister’s most recent budget, which devoted considerable time to the theme of internationalisation, signalled the strategic direction, he said.
Mukherjee also flagged a fundamental shift in the gravity of the bilateral relationship. “There was a time in the early 90s and 2000s when India’s destination was Singapore. Today, India is the world’s destination,” he said. Singapore, he stressed, would now need to compete actively for a stake in India’s infrastructure growth story alongside global heavyweights such as DP World, Prem Watsa and Hutchison.
The effort, he said, would have to come from Singapore’s end as much as from India’s.