January 23, 2019
The 2nd edition of Global Investors Meet has targeted an investment of US$28 billion, which Tamil nadu Chief Minister Edappadi K. Palaniswami said has already been exceeded
Tamil Nadu Global Investors Meet 2019 has partnered with France, UK, Japan, South Korea, Australia and Singapore to organize organised 25 seminars, including five country seminars
US-based consultancy firm Frost & Sullivan and India’s National Council of Applied Economic Research (NCAER) have ranked Tamil Nadu as a leading State in investment potential
Actual FDI inflows into Tamil Nadu during April 2000 to June 2018 was US$28 billion, out of this, more than 75 per cent has been reported since after April 2011 with infra improvements
The 2nd edition of Tamil Nadu Global Investors Meet (GIM) 2019 witnessed big announcements from both investment and policy perspectives. The event being held at the state capital Chennai over January 23-24 saw the launch of the Tamil Nadu Aerospace and Defence Industrial Policy, 2019. Third in terms of overall exports that was valued at US$46.5 billions during financial year 2017-18, Tamil Nadu currently hosts 62 Fortune 500 companies. The state’s industrial base is diversified and holds the leading position in – Textiles, Leather, Automobiles and Auto Components, Heavy and Light Engineering, Electronics Manufacture, Information Technology and Information Technology Enabled Services, and Healthcare.
Over the past three decades, heavily-industrialised Tamil Nadu has registered the strongest and most sustained economic growth among all Indian states. It has become the second largest state economy in India, contributing 8.4 per cent to India’s GDP. Herein, the primary objective of the GIM has been to showcase the opportunities in Tamil Nadu and attract investments, so as to retain the leading position of the state. Tamil Nadu’s first GIM, held in 2015, had attracted 98 investment proposals with commitment of over US$33.6 billion. These projects had investment period ranging from three to seven years, many of which have already been commissioned while others are in an advanced stage of commissioning.
With a population of over 72 million, of which 80 per cent are literate, and nearly 50 per cent urbanised, Tamil Nadu is an innovation based economy, with a strong base in manufacturing and services. Today, Chennai has come up as the world’s largest auto clusters, attracting leading auto brands such as Ford and Hyundai. Owing to favourable policies, the state has also attracted global electronics manufacturers. At the latest GIM, the State Government informed that it has approved an investment proposal by Taiwan’s Foxconn Technology to assemble premium smart phones at Sriperumbudur. Foreign investment interests have also been bolstered by the state’s focus in improving connectivity and power infrastructure.
A new startup and innovation policy has also been unveiled by the state to improve the entrepreneurial ecosystem. Tamil Nadu Government’s “NEEDS” scheme which aims at promoting startups and the new start up policy will ensure a vibrant micro, small and medium enterprises sector in Tamil Nadu. To encourage aerospace and defence manufacturing, the Government has promoted an exclusive aerospace and defence park in 250 acres which can be expanded to 700 acres in Sriperumpudur, which is both an Automobile & components and Electronics Hub.