The salient feature of Tamil Nadu Global Investors Meet 2019 has been the three-pronged approach adopted by the State — equitable development, focus on existing investors and special emphasis for MSMEs.
The government has managed to push some new investments to other regions of the State to ensure balanced industrial development. This has been possible by providing attractive incentives to some of the leading corporates who have committed to invest in industrially-backward southern districts.
In the recent past some of the existing investors had chosen to expand their operations outside the State. The government used GIM to ensure such investors stay on.
Considering that MSMEs are large job creaters, the government has inked as many as 12,664 MoUs with them to facilitate the growth of small and medium units in the State.
The ₹3-lakh crore investment that has been committed at the investors meet, is across a wide array of sectors (see chart).
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While several investments that came under MoU (memorandum of understanding) route had been announced earlier, this time the State government has extended facilitation of MoUs to all type of projects such as construction, educational institutions and food processing.
It didn’t restrict to traditional sectors.
Chief Minister Edappadi K Palaniswami said the government had rolled the red carpet for not only new investors, but also for existing investors like TVS and MRF, who have committed additional investments, as they would create more jobs.
French glass maker Saint Gobain is going for their 4th expansion, while Hyundai, Adani, Ramco, TVS Motors and Chemplast are also expanding their operations in the State.
He said that in GIM 2019 the government had focussed on the equitable industrial development of all parts of the State.
“We have been able to bring huge additional investment by Chennai Petroleum Corporation Ltd (CPCL) to economically-backward Nagapattinam district. The MoUs signed today include attractive package of incentives for investments in southern districts for companies like Britannia and Ramco,” he said.
Also, GIM 2019, which had the strong support of industry body Confederation of Indian Industry as the national partner, was not only for large industries. There was special focus on MSMEs (micro, small and medium enterprises) and more than ₹32,206 crore of investment has been committed in the MSME sector.
Barring the CPCL’s Cauvery Basin Refiner expansion of ₹27,400 crore, announced many months ago by the company, most of the other big investments were brownfield investments.
The MoUs included investment commitments from reputed companies from Japan, Korea, Taiwan, Germany, France, Finland, USA and China, the Chief Minister said.
As GIM attracted investments in emerging sectors, GSE Avigna has signed an MoU for setting up a Mega Food Park at an investment of ₹2000 crore.
Some of the other manufacturing ventures included USA-based TPI Composites wind mill blade manufacturing project in Tamil Nadu and investments by Finland’s Salcomp and China’s Luxshare.
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