Tamil Nadu Global Investors Meet 2024 (GIM2024) commenced today at the Chennai Trade Centre. This edition of the Global Investors Meet, featuring 9 partner countries and over 30 participating nations, is a significant initiative of the Tamil Nadu, M.K. Stalin [DMK] Government. Union Commerce Minister Piyush Goyal joined him at the inauguration.
Organized by the Tamil Nadu Industries Ministry and Guidance Tamil Nadu, the meetup is anticipated to attract over 30,000 participants, serving as a key platform for networking and exploring business opportunities.
Chief Minister M.K. Stalin stated that the Global Investors Meet 2024 aims to attract investments, create jobs, and showcase the strengths of the state. Emphasizing Tamil Nadu’s role in India’s development, he set a target of a $1 trillion economy by 2030. He highlighted the attraction of industries to backward districts, positioning Tamil Nadu as the leading state in attracting investments and a welcoming state on the global stage.
“The Central government and State government will work together to ensure possible steps for India to grow,” stated Union Minister for Commerce and Industry Piyush Goyal.
Ambitious Goals and Investments
The inauguration saw the Chief Minister of Tamil Nadu unveiling a comprehensive roadmap to reach the $1 trillion economy goal by 2030. The state government is targeting substantial investments, with an impressive goal of around ₹5 lakh crore.The government aims to create more jobs for the youth and women workforce in rural areas, with notable developments in the Krishnagiri and Hosur regions, particularly in the booming electric vehicles manufacturing market.
International Collaborations
GIM2024 is hosting over 450 international delegates, 170 speakers, and representatives from 50 countries. Singapore-based companies are expected to sign MoUs worth S$5 billion with the Tamil Nadu Government, reinforcing global participation.
Key Highlights from the Inauguration
- Chief Minister M.K. Stalin released a roadmap for the $1 trillion economy goal by 2030.
- Launch of Tamil Nadu Semiconductor and Advanced Electronics policy.
Industry Leaders’ Commitments
- Hyundai Motor India: Signs MoU for ₹6,000 crore investment in electric vehicle manufacturing, charging infrastructure, and skill development.
- VinFast (Vietnam): Commits to establishing a $2 billion integrated electric vehicle facility in Thoothukudi, southern Tamil Nadu.
- Godrej; To invest ₹515 crore for Manufacturing unit, Chengalpattu.
Other Investments
- TATA Electronics: To invest ₹12,082 crore.
- Pegatron: Commits ₹1,000 crore investment.
- TVS: Plans ₹5,000 crore investment for expansion.
Venu Srinivasan, Chairman, TVS Motors, says’ Tamil Nadu is ranked 3rd in the ease of doing business, which has gone up from 14th position. Our share of GDP was 9.62 percent and manufacturing was 7.6 percent in 22-23 . This clearly indicates how Tamil Nadu leads in inclusive growth and value system.
Key Developments
- Krishnagiri and Hosur Regions: Noted for booming electric vehicle manufacturing.
- Hydrogen Resource Centre: Hyundai collaborates with the Government of Tamil Nadu to establish a dedicated centre in Chennai, aligning with the Hyundai Hydrogen Vision.
Diverse Sectors and Policies
Tamil Nadu Industries Minister, T.R.B. Rajaa emphasized the state’s top position across various sectors, with a focus on diversity, equality, inclusivity, and sustainability. “Through this Global Investors meet, we aim to showcase that along with the economic growth of the state, Tamil Nadu also ensures diversity, equality and inclusivity, while always keeping sustainability in focus,” he said
MoUs Signed
Several companies, including TATA Electronics, JSW Renewable, TVS Group, Hyundai Motors, and AP Moller Maersk, signed MoUs with the Tamil Nadu government.
Other Highlights
- First Solar’s Facility: Inauguration of First Solar’s vertically integrated solar manufacturing facility in Sriperumbudur.
- Qualcomm’s Design Centre: Inauguration of new design centre contributing to job creation.
Keep watching this space for more updates.
Cover image- thehindu.com