Tamil Nadu Signs MoUs with Nokia, PayPal, Microchip to Boost State Economy

During Chief Minister MK Stalin’s visit to the United States, the Tamil Nadu government signed multiple Memorandums of Understanding (MoUs) with several prominent investors, including Nokia, PayPal, Microchip, and Yield Engineering Systems.

Guidance Tamil Nadu, the state’s investment promotion agency, facilitated these agreements in the presence of Chief Minister MK Stalin and Industries Minister TRB Rajaa.

Here are the key details of the agreements:

• Nokia will invest Rs 450 crore to establish a new Research and Development Centre in Tamil Nadu, which will create 100 jobs.
• PayPal will open an Advanced Development Centre in Chennai, focusing on AI, which will generate 1,000 jobs.
• Microchip will set up a Research and Development Centre in Semiconductor Technology at Semmancherry, Chennai, with an investment of Rs 250 crore, creating 1,500 jobs.
• Yield Engineering Systems will build a product development and manufacturing facility for semiconductor equipment in Sulur, Coimbatore, with an investment of Rs 150 crore, resulting in 300 new jobs.

Industries Minister TRB Rajaa highlighted these developments in a social media post, detailing the agreements and their anticipated benefits. The MoUs are part of Tamil Nadu’s efforts to attract global investments and enhance the state’s economic growth.