Tamil Nadu signs MoUs worth Rs42b in UAE
Tamil Nadu, India's second most industrialised state and one of Asia's most preferred investment destinations, secured Rs42 billion investment commitments from UAE-based corporates and business leaders, including DP World, the state's chief minister said on Monday.
Addressing an investors' meeting, organised by Business Leaders Forum (BLF) in Dubai, Edappadi K. Palaniswami, chief minister of the south Indian state, said that as one of the most investor-friendly places, Tamil Nadu offers cross-border investors exciting opportunities of investment across a wide spectrum of areas.
Palaniswami, heading a high-level delegation comprising three ministers and top bureaucrats on his return from a tour of the US and the UK, said his state has been taking various initiatives to further promote sectors including e-vehicle manufacturing, electronics, hardware and software, food processing and aircraft MRO facilities.
"This visit is to seek tangible investments for Tamil Nadu that is mutually rewarding for both the state and the investors. I am happy that the business community in the UAE and the investors here are very keen to know more about our offerings for investment," he told investors.
Also present were Indian consul general Vipul; Paras Shahdadpuri, president of BLF; Sudesh Aggarwal, sector chairman, Investments at BLF and chairman of ITEC ME; and Sripriyaa Kumaria, secretary general of BLF. Ministers accompanying the chief minister included MC Sampath, minister for Industries; RB Udhayakumar, minister for Revenue, Disaster Management and IT; and KT Rajenthra Bhalaji, minister for Milk and Dairy Development.
"Facts and figures speak for itself for Tamil Nadu. Frost and Sullivan has ranked Tamil Nadu the second in their overall ranking and first in investment potential among other Indian states; whereas a survey by 'India Today' has placed Tamil Nadu as the number one state for overall performance," Palaniswami said.
Presenting the projects, K. Shanmugam, chief secretary of Tamil Nadu, said that India's second largest economy with a GDP of $250 billion, attracted $29.848 billion in FDI from April 2000 to March 2019, making it the fourth largest FDI destination region in India. "We have taken up a series of measures to simplify and rationalise the regulatory processes (registration and inspection processes) by deploying information technology to make governance simpler, responsive, transparent, accountable and efficient," said Shanmugam.
Shahdadpuri said that Tamil Nadu has a highly developed industrial eco-system and is very strong in sectors like automobiles and auto-components, textiles, leather, light and heavy engineering, pumps and motors, electronic software and hardware.
Aggarwal said that the investor meet has brought tangible and concrete results with MoUs worth Rs50 billion signed in key sectors namely bio-diesel, agro and food processing, warehousing and storage, manufacturing and industry, trade and export facilitation, placement of skilled manpower, healthcare, malls and hospitality.
DP World signed an MoU to invest in Free Trade Warehousing Zone, which will employ more than 1000 skilled manpower. ITEC ME signed an MoU to establish a multi-trade export facilitation from Tamil Nadu to promote SMEs, and another MoU to facilitate placement of skilled manpower from Tamil Nadu to the UAE. This is expected to generate employment opportunities for 1,000 people.
Suneel Aggarwal, CEO of Giant Industries, signed an MoU for a bio diesel project that will engage farmers in Tamil Nadu and provide indirect employment to hundreds of people in villages. Shaji Ul Mulk, chairman of Mulk Holdings, signed an MoU worth Rs5 billion for setting up industries that will generate employment of about 500 skilled manpower.
Mohit Sarkar Chauhan, director of Pro-Global Logistics, signed an MoU worth Rs1.5 billion up supply chain logistics in Agri produce. Dr. Jamil Ahmad of Prime Medical Centre signed an MoU in healthcare sector aimed at generating employment directly and indirectly for thousands. Mauto Electric Mobility Pvt Ltd, specialists in e-auto manufacturing, signed a contract to invest Rs1 billion.