Tamil Nadu CM says between April and December, 2021, the foreign direct investment in the state had increased by 41.5%, reports Asian Lite News
Tamil Nadu Chief Minister MK Stalin has announced that the Global Investors Meet (GIM) would be held at the end of 2023. According to him, the pro-industrial policies of the government had boosted the confidence of industrialists, who were keen on investing in Tamil Nadu.
“Between April and December, 2021, the foreign direct investment in Tamil Nadu has increased by 41.5%. We will attract more investment through the GIM and generate employment opportunities for the youth,” he said in a suo motu statement in the Legislative Assembly.
The Chief Minister said Guidance, the agency facilitating investment in the State, had won the Best Investment Promotion Agency award in the Asia Oceania Region.
Explaining that his recent visit to the Dubai Expo had resulted in signing a memorandum of understanding (MOU) for 14 projects worth Rs 6,100 crore, capable of generating 15,100 jobs, he said the government had begun efforts for the second phase to attract investment.
“Efforts are on to meet investors in the World Economic Forum’s annual meeting in Switzerland in May, the event in Hanover in Germany, the Global Offshore Wind in June in England and investors in the US,” he said.
He also pointed out that the government, after coming to power, had signed 130 MOUs for investment to the tune of Rs 68,375 crore to generate 2,05,802 jobs.
UAE visit a massive success
Last month, the Tamil Nadu Chief Minister inked deals worth Rs 6,100 crore with leading investors in Dubai and Abu Dhabi during his four-day trip which will generate employment opportunities for 14,700 people in the state.
According to a statement from the government, UAE-based Lulu Group will invest Rs 3,500 crore to set up shopping malls, hypermarkets and food processing and logistic centres; Nobel Steels will invest Rs 1,000 crore and the White House has earmarked Rs 500 crore. It added that the Transworld Group of Companies will invest Rs 100 crore, Aster D M Healthcare has proposed an investment of Rs 500 crore and Sharaf Group will invest Rs 500 crore.
Stating that the United Arab Emirates and Tamil Nadu share a long history of rich cultural and trade relations, he said, “We are committed to develop and strengthen the ties. There is keen interest to further strengthen the ties between Tamil Nadu and UAE and this is evident after seeing the number of participants in this conference.”
Despite the Covid-19 pandemic, Tamil Nadu has signed 124 memoranda of understanding (MoUs) attracting investments of $8 billion thereby creating two lakh jobs, he said.
“Tamil Nadu has registered a GDP of 5.8 per cent in 2020-21 in contrast to negative growth in most economies. This clearly shows the faith and confidence global investors have in Tamil Nadu,” he said.
Noting that the State government has drawn up plans to increase the GDP to USD 1 trillion by 2030, Stalin said the government has taken up upgrading infrastructure and developing the skills of the employees to make the achievement.
“In this context, there are large number of opportunities available for you to invest. Opportunities were in abundance in real estate, tourism, and hospitality sector,” he said, adding that the State was home to more than 75 Fortune 500 companies.
“Our doors are always open to do business and to take up investments,” he said.
Addressing the media, Stalin said his trip was “successful” and “he felt at home”. Stalin said he has invited several other investors and assured them that the government will create a favourable scenario for them to begin business. He added that a dashboard will soon be created at the Chief Minister’s Office through which the officials will be regularly monitoring the development to ensure the projects are implemented soon.
Stalin further brushed aside comments from All India Anna Dravida Munnetra Kazhagham, the state’s main Opposition party, which claimed that the trip will not bring welfare to the state and that it was only a “family picnic”.
Responding to a question, the Chief Minister said similar to his visit to the United Arab Emirates, he will definitely visit other countries and meet investors to bring in more investments and employment opportunities for the state if the situation is favourable.