The Tamil Nadu Global Investors Meet 2024 (TNGIM 2024) in Chennai, Tamil Nadu, saw a series of big investment deals being announced. Chief Minister MK Stalin’s vision of transforming Tamil Nadu’s economy into a 1 trillion USD economy by 2030 seemed to be on track as record deals were signed on Sunday.
Deals were signed with Tata Electronics and Pegatron, both suppliers to Apple. The state government announced that Tata Electronics had pledged to invest Rs 12,080 crore in mobile phone assembly operations. In addition, Pegatron would invest Rs 1,000 crore to boost their production.
The government stated that Hyundai Motors had also pledged Rs 6,200 toward numerous initiatives, including electric vehicle (EV) battery and car production in the state. An agreement was also signed with JSW Energy to invest Rs 12,000 crore in the development of renewable energy projects in Tamil Nadu. In an effort to expand its green energy portfolio, Tata Power was planning to invest about Rs 55,000 crore in wind and solar power generation in Tamil Nadu over the next 5-7 years.
On January 6, VinFast, the Vietnamese electric vehicle (EV) company, announced it will also be setting up a state-of-the-art electric vehicle manufacturing unit in Tamil Nadu with an investment of upto USD $2 billion. This is the largest ever investment in the history of the state and the state government has stated that it will ensure all the required support VinFast needs.
Speaking on Sunday at the TNGIM, Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India, said, “India’s growth is backed by the success of its states and Tamil Nadu stands as a pivotal cog in the wheel. Tamil Nadu is one of the most ambitious states with the vision of a USD $1 trillion economy by 2030 and the government of India is working closely with the state government towards taking the state’s inclusive and sustainable growth forward.”
Dr. T.R.B. Rajaa, TN Minister for Industries, Investment Promotion, and Commerce, said, “At the Tamil Nadu Global Investors Meet 2024, we aspire for a bigger, better future, with a focus on inclusivity and sustainability. This summit is a pedestal for the state to showcase the sectoral expertise, enhance and strengthen skilling diversity and expand the investment opportunities both nationally and internationally. Tamil Nadu’s skilling prowess exceeds the national benchmark by contributing 43% of the total women workforce in India”
These investments will contribute not just to the growth of Tamil Nadu but to India as well. TN CM Stalin stated, “With the aim that Tamil Nadu should play an important role in shaping India’s economic growth, I have set an ambitious target of transforming Tamil Nadu’s economy into a 1 trillion USD economy by 2030. To achieve this, we are pursuing a twin-pronged approach of attracting both capital and employment-intensive investments.
We have been inviting investors with a red-carpet welcome. We want to be the trendsetter amidst other states. Our focus is to ensure development for all.”