Chennai: The first meeting of the Special Investment Promotion Task Force constituted by Tamilnadu Chief Minister Edappadi K Palaniswami to attract investments from companies mulling moving out of some countries due to COVID-19 pandemic, was held in Chennai Saturday and it was fruitful, official sources said.
The meeting, chaired by Chief Secretary K Shanmugam, was held at the State Secretariat in which higher officials and the representatives from the Industry participated and gave their views.
“The beginning itself was positive and members are hopeful about reviving the State’s economy,” sources said.
Among those who participated in the meeting included Janghi Haan of Korean Chamber of Commerce, Mr Dave Sai of Taiwan External Trade Development Council (TAITRA), Hyundai Motor India Managing Director S S Kim, Industrialist Ms Mallika Srinivasan of US-India Business Council (USIBC), Sakthivel of Indo-American Chamber of Commerce, Sridhar Vembu of Zoho and representatives from CII, Cheyyar SEZ Mahindra, Wistron, Flex, Lincoln Electric, Enterprise Singapore and US-India Strategic Partnership Forum (USISPF).
In a bid to woo foreign investments in the wake of some companies mulling moving out of some countries in view of the economic upheavel caused by coronavirus, Chief Minister Edappadi K Palaniswami had on 30 April announced formation of the Special Investment Promotion Task Force to attract investments.
The Task Force, comprising 13 members, was formed to identify sectors in which Tamilnadu could attract investments due to relocation of companies from other countries post COVID.
Observing that the economic upheavels and supply constraints caused by COVID-19 has prompted many countries to rethink their existing supply chains which were excessively dependent on some countries, he said reports indicate that countries like USA, South Korea, Japan, Taiwan and Singapore were likely to diversify by establishing supply chains originating in India.
“Tamilnadu, which is already a favoured investment destination, is well placed to attract these investments and needs to take pro-active steps to attract them”, he said.
A Government Order, issued after the Chief Minister’s announcement said, the Terms of Reference of the Committee, included formulation of a Special Incentive Package and facilitations which need to be provided to attract these investment, identify key infrastructure projects, including dedicated Industrial Townships that needs toĀ be undertaken or expedited to attract investments, identify measures to fast track clearances to promote them and recommend outreach activities and brand building to position Tamilnadu as an attractive investment destination.
The Committee would submit its first report within one month and the final report within two months, the GO said.
The members of the Committee included Finance Department Additional Chief Secretary, Secretaries of Industries, MSME, MD and CEO of Guidance, Tamil Nadu, and Commissioner of Commercial Taxes.
Besides two nominees from among Japan External Trade Organisation (JETRO), Korea Trade Investment Promotion Agency (KOTRA), Korean Chamber of Commerce and (TAITRA), two nominees from IACC, USISPF USIBC, one nominee each from Enterprise Singapore, Japanese Industrial Parks, Japanese, Korean, US and Taiwanese companies in Tamilnadu.