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MoUs worth Rs 57,354 crore were signed between various investors and the Government of Tamil Nadu here today on the first day of the two-day Global Investor Conference.
Among the larger investment proposals are Vietnamese firm Vinfast (Rs 16,000 crore), Tata Electronics (Rs 12,000 crore) and JSW Group (Rs 12,000 crore), which plans to build an EV manufacturing plant near Thoothukudi. 12,000 billion rupees).
The event will highlight the ‘Tamil Nadu Semiconductor and Advanced Electronics Policy’, which aims to increase the country’s contribution to India’s electronics exports from 30 per cent to 40 per cent by 2030 and create a skilled talent pool of 200,000 people. 2024” was also announced. .
Singapore is working with the state of Tamil Nadu to build “India’s first net-zero industrial park”. The park will be set up in north Chennai. A comprehensive framework for the establishment of the industrial park is expected to be completed within a year.
Main investment
Reliance Industries Chairman Mukesh Ambani said in a video address to GIM that Reliance, which has invested Rs 35,000 crore in its telecom business in Tamil Nadu, will open a data center in Chennai next week.
Danish shipping giant AP Moller-Maersk (Maersk) has expressed interest in investing in land development to create a logistics hub in Tamil Nadu. These logistics hubs will implement best practices from global examples to drive maximum efficiency while providing resiliency to customers’ supply chains. Maersk today signed a memorandum of understanding with the Tennessee government.
chip designer Qualcomm announced a Rs 177 million expansion to set up a new design center in Chennai and create jobs for 1,600 skilled professionals. The center will specialize in wireless connectivity solutions, with a focus on innovations that complement Wi-Fi technology and contribute to Qualcomm’s global research and development efforts in 5G cellular technology.
At a session on Tamil Nadu’s target of becoming a $1 trillion economy by 2030, economist Aravind Subramanian said this target would mean the state would have to grow by 18 per cent every year. He said the decline in China’s manufacturing industry is an opportunity for India. Former ABI Governor Raghuram Rajan suggested that the state should target specialty manufacturing.
Perhaps the biggest endorsement for Tamil Nadu was a statement from Sajjan Jindal, whose JSW group has been stationed in the state since 2005. Jindal said JSW has not lost a single day of operations in the state due to supply chain disruptions, labor issues or other reasons. Even for other reasons.
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