Only 8.53% of investment promised during EPS foreign tours realised: TRB Rajaa

CHENNAI: Rebutting the charges of Leader of Opposition Edappadi K Palaniswami who criticised the volume of investment commitment secured during Chief Minister M K Stalin’s recent US business tour, state industries minister TRB Rajaa on Monday clarified that EPS had managed to only realise 8.53% of the investment commitments made during the foreign business trips he undertook as chief minister, whereas over 60% of the MoUs signed during the incumbent DMK regime led by Stalin were realised.

Taking strong exception to EPS’ criticism of the volume of investment (Rs 7,616 crore) secured during Stalin’s business trip earlier this month, Rajaa said, “Any eligible person coming forward to invest in Tamil Nadu is being offered a red carpet welcome in the government headed by M K Stalin. Inefficient EPS has no right to find fault with the achievements of the industries department and investment realised in the incumbent Dravidian model government.”

Pointing out that EPS had inked 27 MoUs worth Rs 5,087 crore and capable of generating 24,720 jobs through is foreign trips in 2019, Rajaa, in a detailed statement issued late Monday night, said that of the promised investment, only Rs 434 crore (8.53%) was realised. Noting that not a rupee of the Rs 50,000 crore investment commitment made by a petrochemical firm during EPS’ trip to UAE has been realised by the state so far, Rajaa wondered when would Palaniswami seek a white paper on that?

Drawing a parallel between the investment commitments made and realised during the AIADMK and incumbent DMK regimes, Rajaa said that during the 2015 and 2019 editions of Global Investors Meet, the then AIADMK regime promised Rs 2.59 lakh crore investment through 197 MoUs, but only Rs 86,190 crore (33%) has converted into actual investment in the state, and that too after the DMK made sincere efforts to realise the investments promised in the previous AIADMK regime.

However, since the forming of the government helmed by Stalin in 2021, about Rs 10.06 lakh crore worth 891 MoUs were signed. Of the 891 MoUs, 535 MoUs (60%) have been implemented, and production has been started through 234 MoUs and construction works have begun for 301 MoUs since 2021, he said, and added about 403 of the 631 MoUs signed during the 2024 edition of GIM- III hae been ensured and some have even commenced production.

The Stalin government has created history by converting 64% of the MoUs into actual investments, Rajaa said, seeking to know if EPS would release a white paper report on why Rs 12,800 crore KIA factory went to neighbouring Andhra instead of Tamil Nadu during the previous AIADMK regime?