MoUs signed at GIM begin to bear fruit

59 agreements have been realised; 209 deals are under various stages of implementation

Within a period of one year, around 59 memorandums of understanding (MoUs), signed during the second edition of Global Investor’s Meet (GIM) 2019, have started bearing fruit and 209 deals are under various stages of implementation.

Of the 59 projects that have fructified, 18 are in the Industries Department, 36 in higher education, 4 in the energy sector and 1 project in information and technology sector.

The Tamil Nadu government organised the second edition of GIM in January 2019. Around 304 MoUs across various sectors were signed, entailing investments to the tune of ₹ 3,00,501 crore in sectors including manufacturing, IT, energy, tourism, agriculture and education.

According to data from the Guidance Bureau Tamil Nadu, the nodal agency for bringing in investments into the State, only 36 projects out of the 304 MoUs are yet to commence activity or in the process.

Of the 36 projects, 14 are in the industries segment and 16 are housing projects, while the remaining 6 are in the tourism, IT and energy sectors. Due to the gestation period, some projects are still in pipeline, officials also said.

Industrialists across the State said that the government is actively following up on the MoUs signed during the second as well as the first investors’ meet.

“There are more talks happening between the industry and the government. They are even open to ideas and suggestions that we are giving,” said an industrialist, who wished to remain anonymous.

“The State needs to promote itself more in international markets. Politicians and officials in Telangana market their State so well and attract investments. Even now, when I visit clients abroad they have this wrong perception that Tamil Nadu is a State which has frequent protests and labour unrest. This mindset should change and the State government should take it up as a top priority,” the official added. It is learnt from four different industrialists, who are part of chambers of commerce, that the Palanisamy government is aggressively pushing for projects and are giving quick clearances through the single-window portal. Apart from the 304 MoUs, the State government inked deals for 12,360 projects in the MSME space. These projects involve investments of ₹32,205 crore with 4,739 firms having started commercial production and the remaining 7,621 projects being in progress.

A source from the MSME Department said that work is on to speed up clearances and other approvals for the remaining projects.

Details by the end of FY

About employment provided and details on investment made by the firms that have started operations, the department, to an RTI reply, said the exact investment made and employment provided will be furnished by the companies only at the end of the financial year.

The Global Investors Meet that was held in September 2015 attracted investments to the tune of ₹2.42 lakh crore from various sectors including Information Technology, Manufacturing and Food Processing.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 1, 2020 2:51:03 PM |

Next Story