Memoranda of Understanding (MoUs) worth a staggering ₹57,354 crore were signed between the government of Tamil Nadu and various investors during the first day of the two-day Global Investor Meet. The event in Tamil Nadu attracted major investment proposals from renowned companies worldwide.
Among the notable investments is VinFast, a Vietnamese company, which expressed its intention to establish an electric vehicle (EV) manufacturing plant near Thoothukudi, with an investment of ₹16,000 crore. Other significant investments include Tata Electronics committing ₹12,000 crore and the JSW group investing ₹12,000 crore.
Moreover, the momentous occasion witnessed the launch of the ‘Tamil Nadu Semiconductor and Advanced Electronics Policy 2024’. The policy aims to elevate the state’s contribution to India’s electronics exports from 30% to 40% and foster the development of a skilled talent pool by 2030, representing approximately 200,000 individuals.
Singapore is also joining forces with Tamil Nadu to construct ‘India’s first Net-Zero Industrial Park’ in the northern region of Chennai. The comprehensive framework for establishing this groundbreaking park will be finalised within a year.
Reliance Industries Chairman Mukesh Ambani announced that their telecom business had invested ₹35,000 crores in Tamil Nadu and will soon inaugurate a data centre in Chennai. This major investment showcases the company’s commitment to the state.
Danish shipping giant A.P. Moller-Maersk also expressed interest in investing in land development to create logistics hubs in Tamil Nadu. These hubs will be designed to implement global best practices, ensuring maximum efficiency and resilience within customers’ supply chains. Maersk has already signed an MoU with the Tamil Nadu government to begin this venture.
In another exciting development, chip designer Qualcomm unveiled plans to invest ₹177 crores in Chennai, establishing a new design centre that will generate jobs for 1,600 highly skilled professionals. The centre will focus on wireless connectivity solutions, particularly in line with advancing Wi-Fi technologies and contributing to Qualcomm’s global R&D efforts in 5G cellular technology.
During a session discussing Tamil Nadu’s target to become a $1 trillion economy by 2030, economist Aravind Subramanian emphasised the need for consistent annual growth of 18%. Considering China’s decline in manufacturing, he viewed it as an opportunity for India to seize.
Notably, Sajjan Jindal of the JSW group praised Tamil Nadu by highlighting its uninterrupted operations throughout its presence since 2005. Jindal attributed this achievement to the absence of supply chain disruptions, labour issues, and other logistical challenges.
The impressive investments and collaborations witnessed at the Global Investor Meet demonstrate the growing confidence in Tamil Nadu’s potential as a thriving business and investment destination. The state aims to pave the way for a prosperous future economy, focusing on high-tech sectors and specialised manufacturing.
