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Tamil Nadu attracts new investments with the potential to create 47K jobs

When the entire global economy and the country’s economy is in a slowdown, the situation is quite different in the state of TamilNadu. On Wednesday morning it was reported that the state government of TamilNadu has signed 17 MoUs(Memorandum of Understanding) worth of Rs.15,128 crores. This has the potential to create 47000 jobs in the state

The huge investment includes Daimler India Commercial Vehicles which is planning to expand its base with an investment of Rs.27,777 crore and create 400 jobs in the process. Daimler is looking to expand its base at Oragadam, the third-largest plant outside Germany.

Another firm, Salcomp, which is a charger manufacturer that has its headquarters at Finland, is investing in Chennai. The worth of the investment is Rs.1300 crores. This will create a huge number of 10,000 jobs in the state. Salcomp has acquired the major part of Nokia’s SriPerumbudur plant near Chennai. Previously, it was closed due to an income tax dispute. In 2019, the company has signed an MoU of Rs.500 crore with the TamilNadu government.

Ashton Shoes Pvt. Ltd. has formed a coalition with a Thailand based footwear manufacturer Chung Jye shoes and planning to invest Rs.350 crores which have the capacity to create 25,000 jobs.

Singapore based ST Tele Media is also investing in opening a data center in the TamilNadu state. This will be located at Siruseri. Similarly, US-based firm HDCI is also investing in opening a data center in the state. The demand for data center space and an increase in content delivery has led to these kinds of investments from big firms.

TamilNadu government has created a near to perfect environment for the firms to invest in the state

A semiconductor manufacturing company from Japan, Polymatech is also investing 900 crores to open a facility in the state. The investment worth is Rs. 900 crores and it’s going to create around 600 jobs.

N.Murugunandam, the secretary of the industries department has said that with the numbers of factories in the state are significantly higher than the other regions in the country, TamilNadu is not just India’s factory but an entire eco-system that connects global value chains. He further added that this is an example of a steady investment climate and competitiveness for export in the state. He concluded by saying that the government is in touch with multiple companies and more investments are planned.

The state government of TamilNadu had also formed a special task force to attract investments from countries like Chine, Korea, Japan, Taiwan, Singapore. The government is also offering special packages for the firms which are looking to invest in the state and relocate their businesses.

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