Overseas delegations and officials of international organisations have visited the city in the recent weeks, inviting the trade and industry here to invest in their countries.
These countries offer incentives to overseas investors, and Coimbatore is one of the industrial cities the delegates selected for the road shows, because of its strengths in the manufacturing sector.
Though there is a slowdown in the economy and several sectors are hit by it, industries here are showing interest in expanding their operations to other countries. For instance, there were several industry owners who had individual discussions with representatives of SAIF Zone (Sharjah) to know more about the zone and to start operations there.
D. Nandakumar, president of Indian Chamber of Commerce and Industry, Coimbatore, says companies in segments such as readymade garments had evinced interest in starting operations in Sharjah.
K.V. Srinivasan, chairman of Confederation of Indian Industry – Coimbatore, says there are large-scale and SME industries in Coimbatore that have invested in other countries, though the number might not be high. There are some businesses that prefer to have an office in other countries for sales and service. Though there is a slowdown now and it is not a trend to invest abroad, if a company has decided to start operations in a foreign country, it goes ahead with the decision.
When there are incentives offered by that country, the company gets an additional advantage. “There has to be a reason for the company to go overseas,” he says.
(reporting by
M. Soundariya Preetha)
