With the COVID-19 pandemic further battering the economy, the state government set up a Special Investment Promotion Task force in May.

The Chief Minister wrote to Presidents and Chief Executive Officers of pharma companies
news Economy Tuesday, June 09, 2020 - 19:31

Tamil Nadu Chief Minister Edappadi Palaniswami has written to the heads of eight global pharmaceutical companies, inviting them to invest in the state. The move comes even as the state plans to promote investments to boost the economy, which has been severely affected by the COVID-19 pandemic.

According to a press release from the state government, the Chief Minister wrote to President and Chief Executive Officer of Accuray, Joshua Levine, Chief Executive Officer of Philips Medical Systems, Frans Van Houten, Managing Director and President of Siemens Healthcare, Gerd Hofner, Chief Executive Officer of Sirona Dental Systems, Donald Casey, President of Copioumed International, William Liu, Chief Executive Officer of GE Healthcare Kieran Murphy, Chief Executive Officer of Hurco Companies Inc, Michael Doar, Chairman and Chief Executive Officer of Boston Scientific, Michael F Mahoney.

In his letter, the Chief Minister outlined the ‘investment attractiveness and inherent advantages of the State of Tamil Nadu and the facilitation support provided for business and industry to further their growth.’

The government has also promised a customised incentive package as per the requirements of these industries.

In May, the Chief Minister announced the formation of a Special Investment Promotion Task Force as well as the Country Specific Investment Facilitation Desks and Diplomatic Outreach Programmes to attract foreign investments.

“Due to the impact caused by COVID to the world economy, many overseas industries are likely to exit from certain countries and relocate their manufacturing activities in countries like India. The proactive steps taken by the Government is already showing results as evidenced by the fact that the State could recently sign MoUs with 17 foreign investments for Rs.15,128 crore. This shows that Tamil Nadu is the best destination for investment even in this pandemic situation,” according to the government press release.

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