Chennai: The second edition of the Global Investors Meet (GIM) saw participation of more delegates and signing of more MoUs as the government successfully pitched the State as an investor-friendly zone.
Chief Minister Edappadi K Palaniswami stated that the event is a “grand success” and announced the State’s prioritised effort to launch electric car manufacturing facilities.
Palaniswami said on the last day the two-day event, the signing of 146 Memorandums of Understanding (MoUs) worth Rs 3.4 lakh crore will promise job opportunities for about 10.5 lakh people in the State.
Delivering his valedictory address at the event, Vice President, M Venkaiah Naidu stated that doing business in India has now become much cheaper and faster through GST and other tax reforms as well as through digital processes, single-point interfaces and single-window clearance systems.
“GST was the biggest transformation and it will bring in a sea change. The entire world will take a cue from the GST experiment,” he said.
Naidu added that the leveraging of Information Technology through mission mode projects like Digital India has simplified many complicated and multi layered procedures.
He said that events like this (GIM 2019) provide an ideal platform to showcase the strengths of a state and the myriad opportunities that it offers to investors.
Palaniswami also said, “We have been able to attract both foreign and domestic investments,” adding that MoUs include investment commitments from Japan, South Korea, Taiwan, Germany, France, Finland, USA and China.
Total investments touched Rs 3.4 lakh crore, surpassing the Rs 2 lakh crore target.
Major investments at the event include CPCL’s Rs 7,400 crore investment in Nagapattinam district for a petroleum refinery, automobile giant Hyundai’s Rs 7,000 crore investment plan for the expansion and to commence the manufacture of electric cars in Tamilnadu, MRF’s Rs 2,100 crore investment proposal to expand the existing establishments in Perambalur and Vellore districts and Foxconn’s Rs 2,500 crore worth plan to manufacture the premium brand smart phones in the State.