The Tamil Nadu Government has signed Memorandum of Understandings (MoUs) worth 2, 780 crores at an Investors meet in New York, attended by Chief Minister Edappadi Palaniswami. Sectors which will receive investment, according to government officials, include petrochemical , pharmaceutical and Information Technology industries.
Over 200 industrialists took part at the meet held in New York on September 3. According to reports, Memorandums of Understanding for 11 projects and four investment promotion cooperation were signed at the venue. 16 companies including - Jean Martin, Aquil Systems, Scitus Pharma, Nurray Chemical, Novitum Labs, Jogo Health, ST LNG, Saram 4, Emerson, Aspire Consulting, Revature - LLC and Zillion Technologies signed MOUls worth Rs.2,780. Meanwhile Haldia Petrochemicals along with Naphtha Cracher Unit expressed desire to make investments worth Rs.50,000 crore in the state.
Arun Roy, the Addition secretary to Government, Industries department says that Tamil Nadu offers several benefits to investors.
"The State's Unique selling point is its infrastructure, law and order and a tradition of never dishonoring a promise to investors," he tells TNM. When asked when the MoUs will take shape on ground, he says, "These investment are long term plans, i.e, 3-5 years."
The IAS officer however does add that in his opinion, these investments will not affect the current slowdown in the state economy. "The present slowdown is not due to shortage of investment but negative consumer sentiment and credit crunch," he explains.