Tamil Nadu, which is a local leader in electronics and automobiles, was buoyed by the investments received in the third edition of the meet….reports Asian Lite News
Tamil Nadu inked deals worth Rs 6.64 lakh crore at the two-day Global Investors Meet that concluded in Chennai on Monday. As many as 631 memorandums of understanding were signed during the investment summit, the state government said in a statement.
The investments were from sectors such as green energy, electric vehicles, global capability centres and non-leather footwear. The proposed investments are expected to generate more than 26 lakh direct and indirect jobs across the state. “We have attracted an unprecedented Rs 664,180 crore of investments,” chief minister M K Stalin said at the event.
Tamil Nadu, which is a local leader in electronics and automobiles, was buoyed by the investments received in the third edition of the meet. The investment pledges will lay a strong foundation for the state’s growth for the next 20 years, Stalin said. They were also distributed across the state to ensure balanced development across the region, he added.
Stalin also announced the constitution of a committee to follow-up on the MoUs signed at the event to ensure that they are converted into actual investments. “You will always have access to my office,” Stalin promised investors.
This was the first investors meet under the Dravida Munnetra Kazhagam government. It surpassed promised investments in the two previous meets by the All India Anna Dravida Munnetra Kazhagam regime in 2015 and 2019 under late J Jayalalithaa and Edapaddi K Palaniswami, respectively. The earlier editions drew investment pledges worth Rs 242,160 crore and Rs 268,296 crore, respectively, but several firms dropped their plans in the following years.
After the DMK formed the state government in May 2021, it framed an ambitious plan to become a $1 trillion economy by 2030. The investors’ summit was organised in pursuit of that goal. Representatives from nine countries, including the US, the UK, Japan, Australia, France, Germany, Denmark and South Korea participated in the event, which included discussions with industry experts and economists.
Although the state did not release a full list of investors, the major firms include Tata Power, which on Monday pledged an additional investment of Rs 70,800 crore in the renewables sector. Singapore’s Sembcorp pledged Rs 37,538 crore, the Adani Group promised an investment of Rs 42,768 crore and Leap Energy pledged Rs 22,800 crore.
Singapore’s high commissioner Simon Wong announced that companies from the island nation will invest Rs 31,000 crore in the state. Three Taiwanese footwear firms, TKG Takewang, Hong Fu and Long Yin Investment, which manufacture shoes for global brands such as Nike, will invest Rs 3,750 crore.
On Sunday, one of the major deals was by Vietnamese automaker VinFast Auto, which promised to invest Rs 16,000 crore ($2 billion) to build an electric vehicle factory in Thoothukudi.
Anand Mahindra calls TN as growth engine of India
Mahindra Group Chairman Anand Mahindra said on Monday that the main power of the Global Investors’ Summit came through the number of investments that were accounted for and that Tamil Nadu is poised to become one of the main engines of growth in India.
Speaking to reporters at the Tamil Nadu Global Investors Meet (TNGIM), Anand Mahindra said, “The main power of the Investors’ Summit came through the number of investments that were accounted for. It looks very clear that Tamil Nadu is going to become one of the main engines of growth in India.”
Taking to social media handle X, Tamil Nadu Chief Minister MK Stalin posted, “The first day of #TNGIM2024 has been marked by a series of successful and noteworthy events. Later today, in my valedictory address, I will announce the total investments secured by Tamil Nadu at this Global Investors Meet. It’s been our enduring message that Tamil Nadu is overseas investors’ first port of call, striving to ascend as the premier state in South Asia.”
The Tamil Nadu Global Investors Meet 2024 has attracted record investments of Rs 6.64 lakh crore, much higher than the estimated sum of about Rs 5 lakh crore and double the investment that was attracted in the previous GIM held in 2019, according to Stalin.
“#TNGIM2024, which caught India’s attention, has received a remarkable influx of investments,” posted Stalin on X.
The investment commitment will be a major boost for Chief Minister MK Stalin’s vision of the state becoming a $1 trillion economy by 2030.
The announcement comes ahead of Vibrant Gujarat, the investor’s conclave in Gujarat, to be held in Gandhinagar on Wednesday.
The two-day Tamil Nadu Global Investors Meet (GIM) 2024, hosted by the DMK government, got off to a blistering start at the Chennai Trade Centre on January 7.
On day 1, the government released its Semiconductor and Advanced Electronics Policy, 2024, on a day when a slew of memoranda of understandings (MoUs) entailing mega-investments were signed.
The Tamil Nadu Global Investors Meet is a business summit organized by the Government of Tamil Nadu to facilitate domestic and foreign investments in the state.
Hyundai commits additional Rs 6,180 crore investment
Meanwhile, Hyundai Motor India announced Rs 6,180 crore investment plans in Tamil Nadu, which includes Rs 180 crore towards a dedicated ‘Hydrogen Valley Innovation Hub,’ in association with IIT- Madras.
This commitment which was made during the ongoing investors summit is in addition to the Rs 20,000 crore investment planned in a phased manner over 10 years (2023 to 2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.
An MoU was exchanged between Unsoo Kim, MD and CEO, of Hyundai Motor India and V Arun Roy, Secretary to Government, Industries Department, Tamil Nadu in the presence of MK Stalin, Chief Minister of Tamil Nadu, Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, TRB Rajaa, Minister for Industries, Investment Promotion and Commerce, Thiru Shiv Das Meena, Chief Secretary, Government of Tamil Nadu and other senior officials during the inaugural ceremony of Tamil Nadu Global Investors Meet 2024.
“Hyundai is one of the largest and most consistent investors in Tamil Nadu for the past 27 years. We extend our heartfelt gratitude for the unwavering support and guidance received from the state. This substantial investment of Rs 6 180 crore is a testament to our enduring commitment to fortifying the state’s pursuit to boost the socio-economic development in the State and make the country self-reliant,” said Unsoo Kim, MD and CEO, of Hyundai Motor India.
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