TN’s industrial prowess shines at WEF Davos summit: Minister TRB Rajaa

CHENNAI: Industries Minister TRB Rajaa said the State showcased Tamil Nadu’s industrial prowess, attracting investments and accolades from global leaders at the Davos meeting.

One of the significant highlights of Tamil Nadu’s participation at Davos was the signing of several Memorandum of Understanding (MoUs) with international and domestic companies, Rajaa said. The minister also announced plans to collaborate with Japan to promote women’s role in the industry following a successful meeting with the delegates at Davos.

The minister’s response comes after the Leader of the Opposition, Edappadi K Palaniswami, questioned the ruling DMK government’s achievements at the economic forum.

In a statement, Rajaa highlighted Tamil Nadu’s economic growth, citing its development into the second-largest economic State in India. According to Rajaa, Tamil Nadu’s share in India’s Gross Domestic Product (GDP) has increased from 8.7% in 1960-61 to 8.9% in 2023-24. “Furthermore, Tamil Nadu’s per capita income average has risen to 171.1% in 2023-24, surpassing the national average,” he claimed.

The minister highlighted that Tamil Nadu, along with four other Southern states, is expected to contribute around 30% to India’s GDP in 2023-24.

“Since May 2021, the state has signed 893 MoUs, attracting investments worth Rs. 10,07,974 crore and creating opportunities for 19,17,917 jobs," he noted.

During the WEF meeting, Rajaa held bilateral discussions with several global leaders, including the Deputy Prime Minister of Singapore, Khan Kim Yong, and the Minister of Economy of the United Arab Emirates, Abdullah bin Toq Al Marri.

“These discussions focused on potential investments in Tamil Nadu, particularly in semiconductor manufacturing, design, and medical technology, “ he said.

Rajaa also met with the Minister of Industry and Mineral Resources of Saudi Arabia, Bandar Al-Horjeef, to discuss the Saudi government’s industrial plans and their compatibility with Tamil Nadu’s developing manufacturing and technology ecosystem.

Additionally, the minister met with the Minister of Foreign Trade and Development of Finland, Villi Davio, to discuss collaboration between India and Finland in the fields of research and development.

The minister announced that several leading companies have expressed interest in investing in Tamil Nadu.

Rajaa also emphasised Tamil Nadu’s commitment to women’s empowerment, citing the state’s impressive record in promoting gender equality.

The minister noted that 43% of women working in factories in India are employed in Tamil Nadu, making it a model state for women’s participation in the workforce.

The state’s participation in the Women In Tech Hub session at the Davos WEF was a significant moment, with Rajaa highlighting Tamil Nadu’s initiatives in promoting women’s education, employment, and entrepreneurship.

“A leading electronics company has responded positively to the industry ecosystem in Tamil Nadu to expand its manufacturing base. Talks are underway to invest in at least two new data centers. A global food processing company is ready to invest in its products. A well-known food manufacturing company has come forward to invest in Tamil Nadu, citing the state’s logistics infrastructure and agricultural development. Two large financial institutions have also come forward to set up Global Capability Centers (GCCs) in Tamil Nadu. Two pharmaceutical companies have expressed interest in setting up manufacturing facilities with their GCC centres, “ informed Rajaa.

“Leading international universities have expressed interest in collaborating with Tamil Nadu in research, development, and innovation, particularly in the context of the Tamil Nadu Knowledge City being developed by TIDCO," he added.