The third edition of Tamil Nadu’s Global Investors Meet (GIM) began on Sunday, January 7, with the participation of nine partner countries and 30 other participating countries at the Chennai Trade Centre. The two-day event is aimed at increasing employment opportunities across urban and rural Tamil Nadu and is pegged at making Tamil Nadu a trillion dollar economy by 2030.
This was the first GIM that Chief Minister MK Stalin participated in. He said that Tamil Nadu is the leading state in the country that has signed more than 200 Memorandums of Understanding (MoU) and has been welcoming investments with its investor-friendly policies. He said that he set the goal of making the state a $1 trillion economy in the next six years by ensuring development in rural and urban parts of Tamil Nadu. Stalin was joined by Union Minister of Commerce and Industry Piyush Goyal and the TN Minister for Industries TRB Rajaa, among other local and foreign delegates.
Some of the highlights from day 1 of the Global Investors Meet are:
> CM Stalin released two documents on the first day of the meet — One, Tamil Nadu government’s vision document on how to achieve a $1 trillion economy by 2030; and two, the Semiconductor and Advanced Electronics Policy, 2024, which aims to attract investments in semiconductor and advanced electronics manufacturers in Tamil Nadu.
> The CM laid the foundation stone for a manufacturing unit of Godrej Consumer Products Limited (GCPL). The company had signed an MoU to invest Rs 515 crores in the investment in August 2023, which will create employment opportunities for close to 400 people. The company reiterated its commitment to creating an inclusive workforce. Earlier, the company had announced a plan to employ 50% of women and 5% from LGBTQIA+ and people with disability (PWD) communities.
> A model of the upcoming airport in Parandhur, Chennai, was unveiled at the investors meeting.
> Qualcomm, a multinational corporation that designs and manufactures wireless telecommunication products and semiconductors, proposed an investment of Rs 177.27 crores for a new design centre in Chennai, which is expected to generate 1,600 jobs. The design centre will focus on innovations that specialise in wireless connectivity solutions that complement Wi-Fi technologies. The company will also contribute to the research and development of 5G cellular technology, said Savi Soin, president of Qualcomm India.
> Vin Fast, a leading Electric Vehicle manufacturer in Vietnam, announced a partnership with the Tamil Nadu state government to build an EV facility at the cost of $2 billion. The facility is to be located in Thoothukudi, Tamil Nadu, with an annual capacity of up to 1,50,000 units and the proposed project can generate up to 3,500 employment opportunities, the company announced.
> JSW Group has announced an investment of Rs 10,000 crores in Thoothukudi and Tirunelveli districts of Tamil Nadu. The investment is aimed at expanding their businesses JSW Steel and JSW Energy. Their expansion is likely to generate around 6,000 job opportunities, said Sajjan Jindal, the chairman of JSW Group, who participated in the investors meet.
> The other MoUs that were signed during the meet include:
TATA Electronics is set to invest Rs 12,082 crore to expand its manufacturing facility located in Krishnagiri of Tamil Nadu;
Hyundai Motor India is set to sign an MoU to establish a dedicated ‘Hydrogen Resource Centre’ in association with the IIT-Madras;
Pegatron will invest Rs 1,000 crore in Chengalpattu and create and employment for close to 8,000 people.
> Reliance Industries Limited has decided to make new investments in renewable energy and green hydrogen in Tamil Nadu. Addressing the gathering through video conferencing, Reliance Group chairman Mukesh Ambani said, “Reliance has committed to making new investments in Tamil Nadu in renewable energy and green hydrogen. We shall work closely with the state government to promote sustainable development, which is necessary to save Mother Earth from the climate crisis.”