 "Investors, markets")
Buoyed by an influx of investments totalling Rs 2.73 trillion in the past two years, Tamil Nadu is gearing up to spotlight its investment-friendly environment with the third edition of the Global Investors’ Meet (GIM) on January 7 and 8, 2024.
The surge in investments in Tamil Nadu includes commitments from global giants such as Hyundai Motor, Foxconn (world’s largest electronic manufacturer), and Ola Electric, TVS Motor and Ather Energy in the electric vehicle sector. Reputed names like Pfizer, Godrej Consumer Products and Schneider Electric also recently revealed their investment intentions in the state.
Scheduled after the successful GIM editions of 2015 and 2019, the upcoming meet was announced by Chief Minister M K Stalin during the unveiling of the event’s logo. Stalin said he anticipates substantial investment inflow during the two-day event, underlining the state's investment climate as a “perfect blend of timeless tradition, thriving industrial ecosystem, technological advancement, treasured talent, and social inclusion”.
More than 300 memorandums of understanding (MoUs) translating into investments worth Rs 3 trillion were signed at the last GIM.
In a development on Thursday, Godrej Consumer Products Ltd (GCPL) formalised an agreement with the state to establish a fast moving consumer goods (FMCG) manufacturing unit in Thiruporur, Chengalpet district, involving an investment of Rs 515 crore. This move is expected to bolster FMCG manufacturing in a state that is known as a prominent consumer of diverse retail products.
Alex T Koshy, director, India Entry Advisory Services of SAS Partners, a corporate advisory firm facilitating and managing foreign investments in India, highlighted Tamil Nadu’s “continuity and consistency in investment policies” as the state’s strength. “Moreover, skilled labour, better access to major ports and airports and good eco-system in sectors like electronics, automobiles including electric vehicles and green energy make it a paradise for investors,” he said. “Due to the increasing demand in the number of clients in the state, my company is also increasing the staff strength by around 50 per cent in the coming months with expanded physical and technology infrastructure,” he added.
