After looking towards the Far East and Gulf nations to attract investments in Tamil Nadu, the State government will embark on a roadshow across the country, beginning in Mumbai on Friday, to attract more investors ahead of the Global Investors Meet (GIM) in January 2019. The first GIM held in 2015 when Jayalalithaa was Chief Minister promised over ₹2 lakh crore in investments but till now officials say ₹73,000 crore investments have come in.
After her hospitalisation and death in 2016, the second GIM, planned as a bi-annual meet, was postponed to January 2019. With the basic infrastructural and a superior industrial climate coupled with abundant human resources, the State began attracting investments again. Till now, the GIM officials have visited Thailand, Japan and Dubai.
“Delta Electronics Thailand is investing ₹4,000 crore in the manufacturing plant in Krishnagiri [to be operational by 2019]. Delta also plans to invest another ₹1,500 crore near Chennai. We are looking at giving a portion of the Nokia plant or some other place nearby which could generate employment for a few thousands,” State Industries Minister M.C. Sampath told The Hindu .
Tokyo meet
The GIM team held discussions with about 300 industrialists at a meeting in Tokyo, organised by Japan External Trade Organisation (JETRO). “Already ₹500 crore investment has come in. The response was positive,” the Minister said.
Officials said that discussions mostly revolved around the incentives corresponding to the investments. The subsidies are related to the volume of investment and number of jobs generated from the plants. “There are several categories like mega, ultra and it is worked out on a case-to-case basis,” said an official.
In Dubai, the focus was on attracting investments in the Aircraft Maintenance Repair and Overhaul (MRO) market. Initiatives are being taken through Tamil associations in the Middle East, the Minister said.
Buoyed by the ₹4,000 crore investment of the CEAT Tyres for a plant in Sriperumbudur in July, the Tamil Nadu team headed by Mr. Sampath decided to hold the first roadshow in the country at Taj Mahal Palace in Mumbai on September 7. This will be followed by roadshows in Ahmedabad and New Delhi.
Ahead of the GIM 2019 on January 23 and 24 in Chennai, T.N. expects to get ₹60,000 crore in investments, sources said.
