Tamil Nadu’s Global Investors Meet (GIM) began on Sunday, January 7, with the participation of nine partner countries and 30 other participating countries at the Chennai Trade Centre. The two-day global investor meet aimed at increasing employment opportunities across urban and rural Tamil Nadu and is pegged at making Tamil Nadu a trillion dollar economy by 2030.
This year’s GIM was organised under Tamil Nadu, M.K. Stalin [DMK],Government.. He said that Tamil Nadu is the leading state in the country that has signed more than 200 Memorandums of Understanding (MoU) and has been welcoming investments with its investor-friendly policies. He said that he set the goal of making the state a $1 trillion economy in the next six years by ensuring development in rural and urban parts of Tamil Nadu. Stalin was joined by Union Minister of Commerce and Industry Piyush Goyal and the TN Minister for Industries TRB Rajaa, among other local and foreign delegates.
Tamil Nadu Industries Minister TRB Rajaa emphasised the GIM’s focus on the knowledge economy, highlighting the state’s role in propelling India to a prominent position in the global economic landscape. He said, “GIM will show how Tamil Nadu will enable India to reach its rightful place in the global economy and act as a turbo engine for India’s growth.”
Union Minister Piyush Goyal, who participated in the meet up, said that the spirit of collaboration and cooperation while having an element of competition amongst the states will drive economic growth.
Major investments and MoUS signed on Day 1 of Tamil Nadu Global Investors Meet [GIM] 2024
Tamil Nadu secured investments worth around Rs 62,000 crore as several memorandums of understanding (MoUs) were signed on the first day of the two-day Global Investors Meet (GIM).
Hyundai pledged ₹6,180 crore, adding to the previous year’s ₹20,000 crore investment in EV manufacturing. Plans include establishing a Hydrogen Resource Centre in collaboration with IIT-Madras.
Qualcomm’s ₹177 crore investment aims to create a design center in Chennai, generating 1,600 jobs, reinforcing the city’s tech and innovation hub status.
Cleantech Solar announced a ₹2,500 crore investment in a PV solar module plant, aligning with the state’s commitment to sustainable development and green energy.
Godrej Consumer Products unveiled plans for a ₹515 crore integrated manufacturing unit in Chengalpattu, creating 446 jobs.
Tata Electronics has pledged ₹12,080 crore for mobile phone assembly operations.
Tata Power will invest up to ₹70,000 crore in Tamil Nadu over several years, including ongoing projects.
Pegatron, a Taiwan-based supplier for Apple, has announced an ₹1,000 crore to expand its production facilities in India.
JSW Renewables invested ₹12,000 crore in multiple renewable energy projects, contributing to the state’s sustainable development goals.
JSW Steel, having invested ₹15,000 crore, plans to double investments in renewable energy projects in Tamil Nadu.
TVS Group committed ₹5,000 crore to various projects, expecting to employ 500 individuals.
Vietnamese manufacturer VinFast Auto announced a $2 billion investment for an EV manufacturing unit in Tuticorin, set to generate over 3,000 jobs.
Hong Fu, the manufacturer for Nike shoes, is set to invest nearly ₹1,040 crore in India, with an additional ₹1,660 crore expected soon.
AP Mollar Maersk will explore strategic opportunities and will set up global capability centres across Tamil Nadu.
Ola Electric’s first gigafactory with a capacity of 100 Gwh to be operational next month.
Reliance Industries, in collaboration with Canada’s Brookfield, is set to inaugurate a state-of-the-art data centre in Chennai next week, marking its entry into the data market.
Mr. Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, said his group is investing in renewable energy and green hydrogen as well as in setting up a data centre in the state. In December, Jio completed the fastest roll-out of 5G, anywhere in the world, he added.
Other highlights of Day 1 of Tamil Nadu Global Investors Meet [GIM] 2024
1. CM Stalin unveiled the government’s vision document outlining the path to a $1 trillion economy by 2030.
2. Semiconductor and Advanced Electronics Policy, 2024: Released to attract investments in these sectors.
3.Model of the upcoming airport in Parandhur, Chennai, revealed.
4. Renowned economists Raghuram Rajan and Arvind Subramanian participated in a panel discussion, acknowledging the ambitious $1 trillion economy target.
Major Investments and MoUs Signed on Day 2 of Tamil Nadu Global Investors Meet 2024
The second day of the Tamil Nadu Global Investors Meet (GIM) 2024 also witnessed significant developments and announcements aimed at fostering economic growth and attracting investments.
TAFE (Tractors and Farm Equipment Limited) signed a Memorandum of Understanding (MoU) with the Tamil Nadu government, committing to invest ₹500 crore.
Pou Chen Corporation – High Glory Footwear’s foundation stone for a non-leather footwear manufacturing unit in Kallakuruchi district was laid by Chief Minister M.K. Stalin. The proposed investment for this project is ₹2,302 crore.
Adani Green Energy promised a significant investment of ₹24,500 crore.
Adani Connex announced a noteworthy investment amounting to ₹13,200 crore.
Adani Total Gas and CNG revealed a substantial investment of ₹1,568 crore.
Ambuja Cements disclosed a significant investment totaling ₹3,500 crore.
Sembcorp pledged ₹36,236 crore for a green hydrogen plant in Thoothukudi.
(MoU) was signed between UPS and Guidance, the Government of Tamil Nadu’s nodal agency for investment promotion.
Keynote Address and Insightful Panel Discussions: SEZ Focus
Anand Mahindra, Chairman of Mahindra Group, hailed the high-quality human potential and the strong bureaucracy in Tamil Nadu. Delivering his keynote address on the topic ‘Tamil Nadu as an ideal investment destination’ at the Global Investors Meet in Chennai. He recalled the Group’s experience in the State while venturing into various businesses. On a personal note, he recalled, “I did my schooling in Tamil Nadu. Coming from Mumbai, what I learnt is the priority given for education in the State.”
Various panel discussions were organised on topics such as Special Economic Zones (SEZs), electronics, and the expanding role of services in manufacturing. Industry experts and officials shared valuable insights, fostering discussions on key aspects of economic growth and industrial development.
The panel discussions focused on Special Economic Zones (SEZs) highlighted Tamil Nadu’s leading position with 54 operational SEZs, contributing significantly to the state’s exports.
Highlighting Tamil Nadu’s economic prowess, Alex Paul Menon, Development Commissioner of MEPZ (Madras Export Processing Zone) SEZ, announced a remarkable feat at the Global Investors Meet 2024. With 54 operational Special Economic Zones (SEZs), Tamil Nadu claims the highest concentration in the country, contributing significantly to one-third of the state’s exports.
Arul Sambandam, Managing Director of Synergy India Ventures, shared insights during a session on ‘Special Economic Zones as Engines of Economic Transformation.’ Tamil Nadu’s strengths, including being ranked at no. 3 in the ease of doing business index and the availability of a cheaper and skilled workforce, were underscored.
Tamil Nadu Public Private Partnership Policy Released
To fortify the state’s economic framework, the Tamil Nadu government unveiled the Public Private Partnership Policy during the Global Investors Meet 2024.
Chief Minister’s Valedictory Address
Chief Minister M.K. Stalin addressed the gathering during the valedictory session, emphasizing the state’s commitment to economic development and sharing updates on the success of the Global Investors Meet.
“I am happy and proud to inform this august gathering that due to our tireless efforts and your participation during this Global Investors Meet, we have attracted an unprecedented ₹6,64,180 crore-worth of investments. A total of 26,90,657 jobs are expected to be generated from these investments that include direct employment for 14,54,712 persons,” said Tamil Nadu Chief Minister.
Image source- thehindu.com, thesouthfirst.com
