On Sunday (Jan 7), the inaugural day of the Tamil Nadu Global Investors Meet 2024, the state government announced that it had inked Memoranda of Understanding (MoUs) worth more than Rs 60,000 crores or $7.5 billion. These investment commitments that are expected to benefit various districts of the southern Indian state have the potential to create 50,000 jobs, spanning across sectors. Some of the notable investors are Tata Electronics, Vin Fast(Vietnamese EV firm), Hyundai, JSW Energy, TVS Group, First Solar, and Godrej, among others.
On a rainy Sunday in Chennai, delivering the inaugural address of the State Government’s flagship event, Tamil Nadu Chief Minister MK Stalin remarked that it would rain investments in the state. India’s Minister for Industry and Commerce, Piyush Goyal, top officials from the Tamil Nadu Government, foreign delegates and business leaders were present at the event’s inaugural ceremony.
“India will grow, when the states grow” Piyush Goyal said, elaborating that every part of India(all 28 states and 8 Union Territories) contributes to the success of the nation and towards the goal of a ‘Viksit Bharat'(developed India). He also stated that India is the world’s fastest-growing large economy and the country’s foreign reserves are at s significant high, at $623bn.
trending now
The nine official partner nations for the event are Singapore, Korea, England, Japan, France, Australia, Germany, Denmark, and America. The Tamil Nadu government said that there are representations from nearly 50 nations taking part.
Participated in the Tamil Nadu Global Investors Meet 2024 inaugurated by our Honourable Chief Minister @mkstalin and Union Minister Thiru @PiyushGoyal.
TN GIM 2024 is an ideal launchpad for achieving Tamil Nadu’s $1 trillion economy goal. With an industry-friendly ecosystem and… pic.twitter.com/FWcKup6UnM
— Udhay (@Udhaystalin) January 7, 2024
Home to four International airports and seaports, Tamil Nadu is India’s second-largest state economy and contributes around nine per cent of national GDP. Among the states, it is the third largest exporter in the country, with more than $40 billion worth of exports in 2022-23.
Over the last few decades, Tamil Nadu has established itself as India’s automobile hub(for both two and four-wheelers), a leading producer of wind energy, and has recently made significant progress in attracting investments in the Electric Vehicles segment and exporting electronic goods. Among the notable features of inclusive development in the state, is the fact that more than 43% of Indian women in manufacturing jobs are based in Tamil Nadu.
On Monday, at the valedictory ceremony of the Global Investors Meet 2024, a complete picture would emerge of the quantum of investment and the total potential of job creation. Speaking to WION, TRB Rajaa, Tamil Nadu’s Minister for Industries, said that he was delighted about the job opportunities that these investments would bring to the youth of the state and how the investments were spread across parts of the state. He mentioned that their Government is focused on a growth model that promotes diversity, sustainability and inclusivity. He added that there would be more MoUs exchanged with Indian and foreign firms on the second and final day of the event. However, when queried about the estimate of total investments that the state could receive, he refused to reveal numbers and replied that it would be huge.
The Investors Meet also witnessed the launch of a comprehensive action plan that will enable the state to achieve the Chief Minister’s target of a $ 1 trillion economy by the year 2030. Experts and leaders from a plethora of domains, such as defence& aerospace, semiconductors, sustainable mobility, skilling, renewable energy, electronics, Micro Small and Medium Industries, etc.
In addition to sector-specific sessions, various nations including the US, Denmark, Germany, South Korea, Australia, and Singapore showcased diverse opportunities for partnership and collaboration with Tamil Nadu.