Coimbatore

Coimbatore likely to attract more investment

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When the projects that will be proposed at the Global Investors’ Meet in Chennai this week take off, Coimbatore is expected to see manufacturing activity pick up.

The Coimbatore District Small Industries Association will sign a Memorandum of Understanding with the State Government to set up an industrial park here; the Southern India Mills’ Association will sign MoU to develop textile processing parks in the south; and, the small tea growers are looking at a Tea Park in Coimbatore.

Apart from these, individual industries are also signing agreements with the State Government for investments to be made in the next two years.

Representatives of small and micro industry associations here will take part in the session for MSMEs to be held as part of the meet on September 10.

E.K. Ponnuswamy, president of Codissia, says the Global Investors Meet is the first step to attract investments to the State in core sectors such as automobiles and foundries.

It is also an initiative to motivate the domestic industries to invest. With implementation of measures to ensure these investments happen, the State can see revival of the manufacturing sector. Industries in Coimbatore will also benefit when the core sectors see investments.

According to S. Ravikumar, president of Coimbatore Tirupur Districts Micro and Tiny Enterprises’ Association, if the Rs. 1 lakh crore investments happen in the State, as proposed in the meet, it would be a welcome measure for the industries here.

J. James, president of Tamil Nadu Association of Cottage and Tiny Enterprises, said that some of its association members will also attend the two-day investors meet. “We want to know about the sectors where there are more investments, the regions where these projects will come up and if there are possibilities for our member units to tap the opportunities,” he said.

Some of these association representatives will also present at the session for MSMEs the issues that need to be addressed in the State for the growth of these units.

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Printable version | Jan 19, 2020 4:22:55 AM | https://www.thehindu.com/news/cities/Coimbatore/coimbatore-likely-to-attract-more-investment/article7627188.ece

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