The Tamil Nadu government, on Monday, May 29, has signed six memoranda of understanding (MoUs) with Japanese companies towards an investment of around Rs 818.9 crores. The MoUs were signed by Guidance Tamil Nadu, which is the state’s nodal agency for investment promotion, in the presence of Chief Minister MK Stalin who is in Tokyo, as part of a one-week visit to Singapore and Japan. Stalin was participating in an investors’ conclave held by the Japan External Trade Organisation (JETRO).
According to a press release, Guidance Tamil Nadu signed an MoU with KyoKuto Satrac, for an investment of Rs 113.90 crores to establish a 13-acre plant at Mambakkam of Kancheepuram to manufacture trailers and trucks. In another MoU with Mitsuba company over an investment of Rs 155 crores, it has been agreed to expand Mitsuba’s existing plant in SIPCOT Gummidipoondi in Tiruvallur district. This plant manufactures spare parts for vehicles. A third MoU has been signed between Guidance TN and Shimizu Corporation for the latter to establish their business in the fields of construction, civil engineering and related industries.
A Rs 200 crore worth investment will be made by Kohyei to build a plant in Tamil Nadu to manufacture polycarbonate sheets, roof materials, and extrusion lines for electronic components for use in the construction industry. Sato-Shoji Metal Works signed an MoU agreeing to invest Rs 200 crore in Tamil Nadu to set up a plant to manufacture hugh-qualoty steel products that will be used in space and defence sectors; and Tofle will set up a plant at an investment of Rs 150 crores to manufacture stainless steel specialised flexible hoses to be utilised in steel plants, solar and semiconductor industries.
“Addressed the august gathering at the Investment Conclave in Tokyo, hosted with the assistance of JETRO. I explained how Tamil Nadu has been at the forefront in attracting Japanese companies and showcased the state’s potential for industrial growth. The focus on quality and the thirst for innovation I witnessed in Japan make me dream big for our Tamil Nadu too. I solicit the active participation of Japanese companies at #GIM2024 in Chennai to make it a roaring success,” Stalin said in a tweet. A Global Investors’ Meet (GIM) is scheduled in Chennai between January 10 and 11, 2024.
Addressed the august gathering at the Investment Conclave in Tokyo, hosted with the assistance of JETRO. I explained how Tamil Nadu has been at the forefront in attracting Japanese companies and showcased the state’s potential for industrial growth.
— M.K.Stalin (@mkstalin) May 29, 2023
The focus on quality and the… pic.twitter.com/gK7d9sAPYz