Tamil Nadu on Thursday signed 97 memorandums of understanding with 97 companies promising investments to the tune of ₹ 67,452 crore, the government said.
The investments would generate 1,06,998 new jobs in the State, industries minister S Keerthana said.
At ‘Vetri Investment Conclave,’ the maiden industry event was held at a premium luxury hotel in Chennai in the presence of chief minister C Joseph Vijay and attended by minister for industries S Keerthana and Deepak Jacob, CEO and Managing Director of Guidance Tamil Nadu, the nodal agency to promote investments. With this, the ruling Tamilaga Vettri Kazhagam government has received investment promise, since it assumed office in May 10, of over ₹ 1 lakh crore. With the latest round of MoUs, Tamil Nadu had signed overall of 104 MoUs with various companies domestic and overseas committing ₹ 1,02,514 crore, that will create 1,21,788 new jobs, Keerthana said. However, 16 companies engaged in textile industry signed agreements with the state government with overall investments of ₹ 7,871 crore that would create the largest job creation for 24,876 people.
Of the 97 MoUs, 30 were with the foreign headquartered companies based out of 16 countries, Keerthana said. Australia topped the list investment commitment of ₹ 7,125 crore, followed by Germany with overall investments of ₹ 4,400 crore that will create 1,850 jobs. Two companies from Japan signed investments with commitments of ₹ 2,651 crore expected to create 5,316 new jobs. Noting that the chief minister has given an ambitious target of USD 1.5 trillion Tamil Nadu economy by 2036, she said, “it is a big number, but its impact is even larger.
For an entrepreneur it means the confidence to take a risk. That is what economic growth looks like when you zoom in.” And for a district like Ramanathapuram, which is receiving its first industrial investment today, it means that a young person will not have to leave home to find opportunity.
