Tamil Nadu CM MK Stalin signs 6 MoUs with US companies , seeks to propel state towards trillion-dollar economy
Aug 30, 2024
San Francisco (California) [US], August 30 : Tamil Nadu Chief Minister MK Stalin is currently on an official visit to the United States, aiming to secure support and attract investments to boost the state's economic development. During his visit, Stalin is engaging with major US-based companies to discuss potential investment opportunities in Tamil Nadu.
The Chife Minister announced that on Day 1 of his visit the state had secured investments exceeding Rs 900 crores at Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs in multiple sectors.
In his post on X MK Stalin said, "Nokia - Rs 450 crore, 100 jobs, PayPal - 1,000 jobs, Yield Engineering Systems - Rs 150 crore, 300 jobs; Microchip - Rs 250 crore, 1,500 jobs; Infinx - Rs 050 crore, 700 jobs; applied Materials - 500 jobs. With two more weeks ahead, we continue to intensify this momentum and attract more investors to Tamil Nadu, propelling our march towards a trillion dollar economy."
Speaking at the San Francisco Investment Conclave, the Tamil Nadu CM highlighted the state's economic achievements, including its status as India's second-largest economic state, its high rate of urbanization, and notable accomplishments in education.
"48 percent of the state is urbanized, making Tamil Nadu one of India's most urbanized states. We have more enrollment in higher education than any other state in India, with 48 percent of the population engaged in higher education," Stalin said.
Stalin also emphasized Tamil Nadu's strong industrial base, asserting, "Tamil Nadu is one of the fastest-growing economic states in the world, with 39,000 factories and 2.6 million workers in industries."
He expressed his ambitious vision for the state, saying, "Our target is to make Tamil Nadu a one trillion-dollar economy. We are focused on attracting industries with substantial capital and job creation." Stalin called on investors to consider Tamil Nadu for their next expansion, noting, "We welcome investments in semiconductors, electronics, and research and development. Tamil Nadu is ready to roll out the red carpet for investors."
He underscored Tamil Nadu's progress in creating a conducive business environment, stating, "We have created an ease of doing business in Tamil Nadu with streamlined permissions and licenses, making it easier and faster to set up and operate businesses."
Stalin also highlighted the existing strong relationship between Tamil Nadu and the United States, pointing out that over 300 American companies already operate in the state.
"The relationship between Tamil Nadu and America has always been strong. Major companies such as Cognizant, Ford, Honeywell, and Qualcomm have established a significant presence in Tamil Nadu," he noted.
During the investors' conference held the state government signed several MoUs on potential investments.
Microchip Technology will invest Rs 250 crore for setting up R and D Center in Semiconductor Technology in Chennai. The TN government says this is likely to provide employment to 1500 people.
Yield Engineering Systems will invest Rs 150 crore to set up a Product Development and Manufacturing Facility for Semiconductor Equipment. Nokia will invest Rs 450 crore in setting up a new research and development center with the world's largest fixed network test facility at Sirucherry. The Tamil Nadu government also signed MoUs with companies like PayPal, Infinx and Applied Materials.
