TN should become most attractive investment destination in S Asia: CM

PTI | Chennai | Updated: 04-07-2022 18:15 IST | Created: 04-07-2022 18:09 IST
TN should become most attractive investment destination in S Asia: CM
Tamil Nadu Chief Minister MK Stalin (File Photo/ANI) Image Credit: ANI
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Tamil Nadu should become the most attractive investment destination in South Asia and ''Made in Tamil Nadu'' products should reach all parts of the world, Chief Minister M K Stalin said on Monday. He was speaking at the Tamil Nadu Investors' First Port of Call - Investment Conclave July '22 here today when the State exchanged 60 MoUs (memoranda of understanding) to fetch a cumulative investment of Rs 1,25,244 crore.

The agreements would ensure jobs for 74,898 people. About 53 facilitation MoUs, out of the 60, was signed for an investment of Rs 65,373 crore in the presence of the Chief Minister. These would offer employment opportunities to 58,474 people.

Lucas TVS, Tata Power, and International Aerospace Manufacturing Pvt. Ltd (IAMPL) are among the major players that signed the MoU with the Tamil Nadu government. As per the agreement, IAMPL, a joint venture between Rolls-Royce and Hindustan Aeronautics Ltd, would support the State government in setting up of new manufacturing facilities in Hosur. The MoU would facilitate the expansion of IAMPL's manufacturing operations through single-window clearances and incentives.

IAMPL announced its intent to expand its operations in the State for supporting the aerospace parts global supply chain. The proposed expansion is aimed at enhancing IAMPL's existing capabilities to make complex components for the global supply chain for civil and defence aero-engines.

Lucas TVS would set up a lithium-ion cell facility in Thiruvallur, ACME a green ammonia project at Thoothukudi, and Tata Power, a plant at Gangaikondan, while Aravind Ceramics would establish a tile production centre in Thanjavur. plastics would set up a toy-making facility at Hosur and VVDN a 5G networking facility in Pollachi.

The 53 facilitation MoUs would see among several key players, Amplus (Petronas) for green hydrogen, cubic PV for 4GW cell, Sify (data centre), L&T (IT), ENES Textiles (garments), Century Ply (ply board-making), Rane Holdings (auto components), Bharat Alt-Fuel (EV 2-wheeler) and Garuda Aerospace (drones).

In addition, 7 MoUs were signed for projects sanctioned with structured packages of incentives with an investment of Rs 59,871 crore to generate 74,898 jobs.

At the conclave, the Chief Minister inaugurated 12 projects for an investment of Rs 1,497 crore generating employment for 7,050 people and laid the foundation stone for 21 companies which have brought investment to the tune of Rs 22,252 crore for creating 17,654 jobs. Also, he launched the Tamil Nadu Life Sciences Promotion Policy 2022 and Tamil Nadu R & D Policy 2022.

Organisation MoUs were exchanged for 11 projects, including VakilSearch and Capital FinTech. Stalin handed over the sanction orders to the two companies: PrimeInvestor Financial Research and DigiMoney Finance which obtained incentives under the FinTech policy. TECXPERIENCE programme, a suite of technology services available for free or at a discounted price for a limited period, was launched by the Chief Minister on the occasion to encourage fintech adoption in the State.

Further, Stalin inaugurated TN PitchFest, organised by Guidance and Startup TN, to provide a platform for startups to venture capital firms and angel investors.

Since the DMK government came to power, a total of 192 MoUs were signed for a cumulative investment of Rs 2.20 lakh crore.

The government has set four major goals to become a $1-trillion economy, be the best investment destination in South Asia, make 'Made in Tamil Nadu' products available throughout the world and bring investment to all the districts for inclusive growth.

Owing to the government's efforts, Tamil Nadu was ranked 14th in 2020 in ease of doing business and has become number-3 and it would soon be made number-1 in ease of doing business in the country, he said.

Industries Secretary S Krishnan said 78 out of 132 MoUs signed last year were under various stages of implementation.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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