TN draws investments worth Rs 2.73 lakh cr during 2 yrs of DMK rule

Chennai: Tamil Nadu has secured investments worth Rs 2,73,448 lakh crore by signing 224 memorandum of understandings with companies after the DMK government came to power in May 2021, the state government said on Tuesday.

Chief Minister M K Stalin, as a part of efforts to woo investors to the government’s maiden Global Investor Meet, scheduled to be held in 2024, would undertake a trip to Japan and Singapore later this month.

Earlier in the day, Stalin laid the foundation stone of the manufacturing unit of Mitsubishi Electric India, near here. The electronic equipment manufacturer has committed investments to the tune of Rs 1,891 crore in Tamil Nadu.

A government release said soon after the DMK government assumed office (May 7,2021), Tamil Nadu attracted investments worth Rs 2,73,448 crore by signing memorandum of understandings with 224 companies which would generate 4,10,561 new jobs, the release said.

Speaking at the foundation stone laying ceremony, Stalin said in a bid to attract investors to the Global Investors Meet in January 2024, he would be travelling to Japan and Singapore on May 23.

He observed that events related to industry department was not only restricted to department functions but also considered as an event to boost the state’s growth. ”I am doubly happy as today’s event not only marks the signing of MoU between the government and Mitsubishi Electric India, but also witnesses the foundation stone laying ceremony for the manufacturing facility.” The factory would be spread across 52-acre land in Peruvoyal village, Gummidipoondi Taluk in Tiruvallur district. ”I am happy to note that you will be investing Rs 1,891 crore for the factory that would generate nearly 2000 new jobs. The facility will be used for exports which would augment government’s move to boost exports from the state,” he said.

Pointing to the Tamil Nadu Research and Development policy launched in July 2022, the CM said over 50 companies have set up their R&D centres in the state. ”Some existing companies have taken up expansion. It is pertinent to mention that through this initiative 1.22 lakh new jobs were created,” he said. Referring to the Mitsubishi Electric’s factory which would comprise 60 per cent women employees, Stalin said such a move would strengthen the government’s initiatives taken for women welfare.

The chief minister noted that his government was striving to make TN numero uno state in attracting investments at South Asia level.

”Lot of Japanese firms have selected Tamil Nadu to set up their manufacturing base and the state is home to three largest Japanese entities of the total 12 present across the country.” To further bolster the association with Japan, Stalin said he would be embarking on a visit to Tokyo later this month to invite industrialists and government officials to the Global Investors Meet in 2024.

Tamil Nadu has drawn up plans to achieve USD 1 trillion economy by 2030 and this investment by Mitsubishi Electric is a milestone to that vision, he remarked.