Stalin signs MoUs worth Rs 2.6K crore with UAE firms

Chief Minister MK Stalin invited UAE investors to partner with Tamil Nadu in its growth story and MoUs worth Rs 2,600 crore were signed between the State government and three firms on Saturday.

Addressing industry captains at “Tamil Nadu – Investors’ first port of call” meet organised in Dubai, Stalin said, “I seek your support for improving the growing economic ties between Tamil Nadu and Dubai and to invest in Tamil Nadu.” He made the appeal a day after holding trade talks with UAE Ministers. The government signed MoUs with Noble Steels, White House and Transworld Group of Companies for Rs 2,600 crore. This will also create employment opportunities for 9,700 people.

Referring to the measures taken by his government to improve ease of doing business in the state to facilitate investments, a statement released by the government quoted the CM as saying, “Despite the pandemic, Tamil Nadu signed 124 MoUs attracting investments worth $8 billion in the last ten months alone, creating employment opportunities for nearly two hundred thousand people. Tamil Nadu has registered a positive GDP growth rate of 5.8% in 2020-21 in contrast to negative growth in most economies. This clearly demonstrates why global investors have reposed their faith and confidence in TN.” Describing human capital as the strength of the state, the CM briefed them about the activities undertaken to achieve $1 trillion economy growth target.

Imploring investors to utilise the opportunities in tourism, agriculture, fintech, renewable energy, data centres, aerospace, electronics and defense sectors in the state, the CM said, “UAE businesses are well developed in these areas and their investments in Tamil Nadu can help bring about a paradigm shift.”

Citing the Furniture Park, which attracted an investment commitment of US $ 375 million on the day of laying of foundation recently, as illustrations of growth potential, Stalin said, “Our goal is to attract investment across sectors, including manufacturing and services, and to develop Tamil Nadu into a global investment hub.”