Tamil Nadu expects more than Rs 50,000 crore investment deals

Tamil Nadu investors meet: As Tamil Nadu kicks off the second day of the Global Investor Meet 2024, the government shared highlights of Day 1. The inaugural day buzzed with activity, marked by the rollout of the Semiconductor and Advanced Electronics Policy, 2024, coinciding with a flurry of pivotal agreements inked in the form of memoranda of understandings (MOUs), hinting at substantial forthcoming investments.

State CM MK Stalin heralded the event as a beacon for economic and industrial growth, highlighting its pivotal role in attracting investments to elevate Tamil Nadu's economic landscape. "The overwhelming response echoes the vast investment potential and pride within Tamil Nadu. Our policies aim to foster holistic development," he stated emphatically.

MoUs signed

The state saw investments from Hyundai Motors of Rs 1,800 crore and Qualcomm of Rs 177 crore, which are expected to create employment for 1600 people. MoUs with First Solar, Godrej, Tata Electronics, Pegatron, JSW, Mitsubishi, Vin Fast, and AP Moller were signed to set up plants in the state.

Simon Wong, High Commissioner of the Republic of Singapore, unveiled ambitious plans to inject Rs 31,000 crore into the state, underscoring the strategic alliance forged during Chief Minister Stalin's proactive visit to Singapore last year, aimed at galvanising investor interest for the GIM.

Adding to the investment fervor, Ola Electric announced its blueprint for an expansive EV hub in Krishnagiri district, anticipated to employ a robust workforce of 25,000 once operational, as confirmed by Bhavish Aggarwal, Ola Electric's CEO, during the summit proceedings.

State Minister TRB Rajaa shone a spotlight on Tamil Nadu's commendable skilling ecosystem, surpassing national benchmarks by contributing a formidable 43 per cent of the country's female workforce.

The two-day summit promises a wealth of insights from over 170 global luminaries across 26 thought-provoking sessions. Over 40,000 eager participants, including 450 international delegates hailing from 50 nations and comprising influential industry leaders and representatives of global conglomerates, converge, signalling a resounding resonance with the summit's core objectives, as highlighted by the state industries department.