Govt woos foreign firms with many offers to invest in State

“The meeting comes in the wake of reports stating that several foreign firms are considering to pull out their investments from China. We have briefed the officials about the strengths and the offers that will be provided by Tamil Nadu and the Chief Minister has agreed to provide the maximum benefits to foreign investors,” an informed senior official told DT Next.

The Special Investment Promotion Task Force, set up by the State to woo overseas investors, discussed ways and means to attract investments from companies planning to relocate to India following the impact on the global economy caused by the coronavirus outbreak, the official said.

The task force was formed in April after the Centre hinted the State governments to be ready to attract firms that are leaving other Asian countries. The Centre had said that due to the adverse impact on the global economy by COVID-19, many MNCs located overseas are likely to exit from certain nations and relocate their bases to countries like India, the official said. Already a preliminary Cabinet meeting was held last month and Industries Minister MC Sampath also spoke to a few potential investors. The potential investors will soon meet the CM, the official said.

Meanwhile, a press release said top State officials from industries and the Finance Department also attended the meeting. Representatives from business associations like the Confederation of Indian Industries and top business captains also attended the meeting.

Korean auto-major Hyundai Motor India chief executive SS Kim, Tractors and Farm Equipment (TAFE) Ltd chairman Mallika Srinivasan, IT major ZOHO chief Sridhar Vembu were among the top industrialists, the press release added.