Impressive projects for south TN on cards in GIM: Rajaa

CHENNAI: Tamil Nadu Industries Minister TRB Rajaa on Friday said that the effect of the overseas business trips undertaken by him and Chief Minister MK Stalin would be visible in the two-day Global Investors Meet (GIM) to be conducted here from Sunday.

In an interview to DT Next a day ahead of the third edition of the GIM, Rajaa said that a big investment, which would be made public soon (during the GIM), would not have happened if the CM had not dispatched him to another country, where he sealed the deal after parleys for two days.

There was a great deal of fanfare surrounding the previous two editions of the Global Investors Meet (GIM) organised by the state. However, the excitement evaporated when data on actual investment realised through GIM I and II was released. This is your government’s maiden GIM. How confident are you in actually making the numbers count?

We’re extremely confident about the Tamil Nadu Global Investors Meet 2024’s potential and success. Under the leadership of our honourable Chief Minister Stalin, this government’s approach to the Tamil Nadu Global Investors Meet 2024 is holistic. We are not chasing after impressive numbers. Our aim has always been to turn MoUs into actual investments and tangible projects that create real job opportunities for our people. Our target is a substantial hit rate of 75 per cent. Given the groundwork we have laid and the strategies we have implemented I am optimistic that we will reach this target.

You (state government) faced a lot of criticism from the Opposition when the Chief Minister (and you) toured countries like Japan, Singapore and even West Asia to woo investors. Some of the investments promised during the business trips were honoured later. To what extent will the overseas trips contribute to the GIM-III?

Regarding the criticism of our foreign trips, we know that they come from a political standpoint, so we don’t want to dwell on them. These trips are far more than just formal visits. They are about creating real, lasting connections with potential investors so things can move at a fast pace. Take the Omron example - in just 60 days from the signing of MoU in Japan, the company broke ground at their site in Tamil Nadu. That’s the kind of efficiency and commitment we are bringing to the table.

These trips are crucial in showcasing Tamil Nadu as an attractive investment destination and engaging actively with international investors. It’s about being proactive and bringing the opportunities right to our doorstep. You will soon hear about another big investment for South Tamil Nadu. This would not have happened if the Chief Minister had not dispatched me to another country to hold discussions. Over two days of parleys, we discussed and sealed the deal. Moreover, many other states of India are regularly sending delegations abroad to woo investors. We have to keep our foot on the accelerator. We are planning to reach out to under-tapped countries also for investments.

Both CM Stalin and your predecessor Thangam Thennarasu laid emphasis on distributing investment to the backward districts. Can the “backward districts” or less industrially developed districts of the state expect the GIM – III to facilitate their industrial/socioeconomic progress?

Absolutely, there’s a strong focus on distributing investment to the backward districts. Our honourable CM Stalin has been clear about our mission to ensure distributed growth across Tamil Nadu. This means we’re not just focusing on the already developed regions, but actively seeking to bring significant projects to the less developed areas like South Tamil Nadu and the Delta region. TN GIM 2024 is a key platform in achieving this. You will see impressive projects for south Tamil Nadu. We are also working on a few key projects for the Delta region.

A recent report suggests that Startup funding in 2023 was the lowest in the last half a decade. A recent private survey put a staggering 39,000 Startups on the brink of shutdown in India. Tamil Nadu has been one of the drivers of Startup business. Though conclaves like GIM are about big-ticket projects, what special initiatives can we expect to support Startups?

We recognise the pivotal role startups play in our economy and to support this vibrant sector, we’re launching TANFUND. This initiative, a part of StartupTN, is set to debut at the Tamil Nadu Global Investor Meet 2024. TANFUND is our answer to bridging the gap between innovative startups in Tamil Nadu and a wide range of investment partners, both in India and globally. It’s a comprehensive platform, connecting startups with accelerators, angel networks, venture capitalists and more. This initiative is more than just funding, it’s about building an ecosystem that nurtures innovation and entrepreneurship. This government has already demonstrated our commitment to startups. In the two years we have been in power, the number of registered startups in Tamil Nadu has tripled under the leadership of our Chief Minister.

Though TN is considered the major driving force of the manufacturing sector in the country, the state has some catching up to do in terms of the IT and ITES sector? What amount of the investment planned during GIM-III would help us succeed in that direction?

We’re making headway with a strategic approach, and not just focusing solely on IT and ITES, but also on a broader Global Capability Centers (GCC) strategy. We have released a GCC and R&D policy, which the industry finds effective. This approach has already brought significant players like UPS, Akkodis, and Hitachi Energy to Chennai. Hitachi Energy’s GCC is their largest in the world, with 3,500 high-end jobs including 500 PhDs. Recent reports of Adidas opening their GCC here is a testament to our strategy’s effectiveness. The investments in these sectors might not be massive in monetary terms, but they represent high-value job opportunities for our youth, which is our primary focus.

You are organising an event of such a grand scale in your first year as a Minister… Personally, what does the GIM mean to you? How did the CM or your predecessor support you because the change of portfolio happened out of the blue?

For me, being at the helm of organising TN GIM 2024 in my first year as Minister is a profound honour and responsibility. This event is more than just an investment summit, it’s a platform for fostering societal prosperity through industry and trade. It’s an opportunity to make a tangible difference in people’s lives by attracting investments that lead to job creation and economic growth. With the guidance and support of our Chief Minister and my predecessor, I am committed to making this GIM a resounding success.