The Tamil Nadu Government has signed Memorandum of Understandings (MoUs) worth 2, 780 crores at an Investors meet in New York, attended by Chief Minister Edappadi Palaniswami. Sectors which will receive investment, according to government officials, include petrochemical , pharmaceutical and Information Technology industries.
Over 200 industrialists took part at the meet held in New York on September 3. According to reports, Memorandums of Understanding for 11 projects and four investment promotion cooperation were signed at the venue. 16 companies including - Jean Martin, Aquil Systems, Scitus Pharma, Nurray Chemical, Novitum Labs, Jogo Health, ST LNG, Saram 4, Emerson, Aspire Consulting, Revature - LLC and Zillion Technologies signed MOUls worth Rs.2,780. Meanwhile Haldia Petrochemicals along with Naphtha Cracher Unit expressed desire to make investments worth Rs.50,000 crore in the state.
Arun Roy, the Addition secretary to Government, Industries department says that Tamil Nadu offers several benefits to investors.
"The State's Unique selling point is its infrastructure, law and order and a tradition of never dishonoring a promise to investors," he tells TNM. When asked when the MoUs will take shape on ground, he says, "These investment are long term plans, i.e, 3-5 years."
The IAS officer however does add that in his opinion, these investments will not affect the current slowdown in the state economy. "The present slowdown is not due to shortage of investment but negative consumer sentiment and credit crunch," he explains.
Praise pours in for TN
At the Investors' meet, representatives of two US multinationals, Ford and Caterpillar, offered testimonials on Tamil Nadu's efficacy in working with investors.
Katie Hays, the head of government and corporate affairs for Caterpillar, said that the manufacturer of heavy construction machinery and trucks found increased ease of doing business under the chief minister.
She said that the company received strong support from the government and received uninterrupted supply of power and water. Ford Motor Co. International Government Relations Manager James Rowland said that the state is "one of the best global partners."
He said that the state offered the company a vast pool of skilled manpower.
State Chief Secretary K. Shanmugam, who was present there, said that the state's investment in social welfare resulted in it becoming a hub of economic activity and of consumption, which backed economic activity.
The state was able to reap a social peace dividend by having the nation's best law and order situation, he said.
He said that the state planned to develop a Fintech city to draw companies integrating technology and financial services and it would be a draw for companies in the sector in the US.
(with inputs from IANS)