There has been nearly 60 per cent conversion in the MoUs signed by the Tamil Nadu government with various companies at the Global Investors Meet held in Chennai in January, said Industries Minister TRB Rajaa. Out of the 631 MoUs signed, 379 are at ‘advanced stages’ of closure, he said in the Assembly on Friday.
The GIM held on January 7 and 8 showcased the State as the most preferred investment destination in the country. The event witnessed investment commitments totalling ₹6,64,180 crore with direct employment opportunities for 14,54,712 persons and total employment for 26,90,657 persons. The diverse investments from semiconductors, GCCs, EVs, footwear and textiles, proved the capabilities of the State in effectively sustaining a diverse manufacturing base and a rapidly growing knowledge-economy.
The minister also announced that the State government will soon announce three policies - Space Tech; Circular Economy Investment Promotion and Toy Manufacturing. These policies will help the State attract investment in the respective sectors, he said, while making various announcements related to the Industries, Investment Promotion and Commerce Department.
The minister also announced that a sum of ₹10,788 crore will be invested in setting up new SIPCOT Industrial Paris in various places, including Chennai Outer Ring Road, Tiruvallur, Gummudipoondi, Ottapidaram, Sriperumbudur and Kunnam.
Tamil Nadu Industrial Investment Corporation will disburse loans worth ₹2,100 crore to MSMEs via bill financing, and other tools like term loans, he said.
A desk of Guidance Tamil Nadu to be established in Tokyo to bring investments from that country and Tourism Investment Promotion and Facilitation Cell to be established at Guidance Tamil Nadu, the minister said.
TANCEM will start producing M Sand at the Alankulam plant, the minister said.
TIDEL Neo Park will be set up in Tiruvannamalai and Karur, he said.
Meanwhile, the Industries, Investment Promotion and Commerce Department’s Policy Note for 2024-25 says Investment Promotion between April 2021 (when the DMK returned to power) and March 2024, Guidance Tamil Nadu’s efforts attracted investment commitments totalling ₹9,74,419 crore with the potential to create employment opportunities for 31,12,929 persons.