GIM targets 75% MoU conversion

CHENNAI: With MoUs signed for Rs 3 lakh cr investments from diverse industries, the stage is set for TN's two-day flagship Global Investors Meet (GIM) beginning January 7, 2024, as per the state's industries minister TRB Rajaa.

An upbeat Rajaa said these investments will not only create thousands of direct and indirect jobs, but also reflects the state's progress in achieving its vision of being a $1 trillion economy by 2030.

"We are expecting a few lakh crores of investments more to come in," the minister said.

Showcasing itself as the "gateway to endless opportunities," the ruling DMK, which is hosting its maiden GIM, has been seeking investments from overseas investors through visits to Japan, Singapore and Dubai.

Without divulging specific details about the quantum of investments, he said, "I cannot give you any number (on the target). It will be bigger than any other GIM held before."

The GIM in 2015 under the then chief minister J Jayalalithaa garnered investment commitments of Rs 2.42 lakh crore.

Rajaa said after DMK assumed office in May 2021, whatever the government has done, it made sure there was a "good hit rate". "Even if we do something close to about 75-80 per cent, we will be able to get 75 per cent of realisation of the MoUs signed and I think that is good," he said.

The state has received some big-ticket investment commitments in recent times, including Renault-Nissan Automotive India committing Rs 5,300 crore to support new product launches and projects which would create 2,000 jobs.

Taiwan-based Hon Hai Technology Group, popularly known as Foxconn, has also committed investments of Rs 1,600 crore for a new mobile component manufacturing unit in the state.

As per government officials, TN had signed 241 MoUs with various companies which have committed investments of Rs 2,97,196 lakh crore. These investments are expected to generate 4,15,282 new jobs in the state.

Rajaa said currently, Chennai, Hosur and Coimbatore have emerged as the investment hotspots for investors. "For example, it may be in southern districts where in places like delta districts (Thanjavur, Tiruvarur) you can do food processing. Then, again in western belt, you can see the booming of electric vehicle clusters. And the proximity to Bengaluru from Hosur is there, so we can also try and get the information technology crowd," he said.

Further, he said in the southern parts of the state, entities can look for renewable power generation. Rajaa also highlighted that the state's electronic exports peaked at an all-time high of $4.8 billion (October 31, 2023) followed by UP at $2.58 billion. TN is expected to touch $8 billion by the end of this financial year.

In addition, the government is moving ahead with industry specific policies, including an organic farming policy that was launched in March 2023 and is aimed at 'chemical-free organic' agriculture in the state.

On the EV front, the state's policy (aimed at attracting investments worth Rs 50,000 crore and generating 1.50 lakh jobs in the fast growing mobility segment), was introduced to enable battery-operated vehicles to play a crucial role in ensuring last-mile connectivity.

"The government was giving a big push for EV. Of all the EVs sold in India, 70 per cent of two-wheelers and 40 per cent of four-wheelers were manufactured in TN."

"A huge number is being manufactured in TN and the consumption in TN is also picking up now. We are also building the EV ecosystem in the state," Rajaa said. Ola Electric has committed investments of Rs 7,614 crore to roll out electric light motor vehicles from its manufacturing facility in Ranipet, TN.

Rajaa kicks off social media campaign

TN industries minister TRB Rajaa on Tuesday announced the launch of a social media campaign, #OneTrillionDreams, to highlight the human stories behind the State's robust industrial sector.

This campaign is said to align with chief minister MK Stalin's vision to transform TN into a $1 trillion economy by boosting the State’s talent pool with innovative schemes like Naan Mudhalvan and Puthumai Penn. It is a precursor to the much-anticipated GIM 2024, scheduled to be held on January 7 and 8.

Rajaa, said, “Through the #OneTrillionDreams campaign, we aim to celebrate the unsung heroes of Tamil Nadu's industrial story. These narratives will not only inspire but also attract global investors to the vast opportunities our State offers, because our biggest strength is our people – the educated, talented and hardworking people who power our industries and workplaces."

The campaign will feature a series of social media posts, each telling an emotive story of an individual or a group contributing significantly to the state's industrial sector. These posts will be shared across various social media platforms. The campaign was designed following the wide circulation of a post by the industries minister after a visit to a factory few months ago.

It was launched through the inspiring story of Senthil from electronics major Salcomp, who comes from a humble background and has become a global expert in electronics machine tools and advanced manufacturing.