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Highlights from the Global Investors Meet 2024 in Tamil Nadu

The Tamil Nadu Global Investors Meet (GIM), a two-day event, commenced on January 7, 2024 at Chennai Trade Centre. Organized by the Tamil Nadu Government, this edition boasts participation from 9 partner countries and over 30 nations, signaling a significant global presence.

With an emphasis on achieving the objective of a $1 trillion economy, a central agenda for the government since May 2021, the GIM aims to create employment opportunities, specifically focusing on the youth and women workforce in rural areas, as claimed by the source statement. This represents the third edition of the GIM in Tamil Nadu, following events in 2015 and 2019.

The key guests at the meet included MK Stalin, Chief Minister of Tamil Nadu; Anand Mahindra, Chairman, Mahindra Group; TRB Rajaa, TN Industry Minister; Mallika Srinivasan, Chairperson TAFE; and TM Anbarasan, Minister for MSMEs at the TN Global Investors Meet 2024, in Chennai, Monday.

As per an official source, the Tamil Nadu Global Investors Meet 2024 has attracted INR 60,000 crores (or $7.5 billion) and has the potential to generate 50,000 jobs. Some of the companies that have invested are:

  1. VinFast Investment: Vietnamese EV maker VinFast commited for an EV manufacturing plant in Thoothukudi.

2. Semiconductor and Advanced Electronics Policy: Tamil Nadu unveiled a comprehensive policy in the semiconductor and advanced electronics sector, aiming to create a state-of-the-art manufacturing and design ecosystem. The policy focuses on attracting anchor investments, enabling a semiconductor design ecosystem, and contributing 40% to India’s electronics exports by 2030. It also aims to create a skilled talent pool of 2,00,000 persons in the sector by 2030.

3. Strategic Investments: Multiple firms, including Tata Electronics, Hyundai, Qualcomm, First Solar, Pegatron, JSW, and Godrej, proposed significant investments in the state, aligning with the semiconductor and advanced electronics industry.

4. Hydrogen Resource Centre: Collaboration announced for a dedicated ‘Hydrogen Resource Centre’ in Chennai, fostering a Hydrogen Society in line with Hyundai’s vision.

5. Additional Hyundai Investment: Hyundai has committed an additional investment in Tamil Nadu, emphasizing its dedication to electric vehicle manufacturing, charging infrastructure, and skill development in the state.

6. Qualcomm’s Design Centre: Qualcomm opened a new design center in Chennai, focusing on semiconductor design and technology.

7. Renewable Energy and Green Hydrogen: Mukesh Ambani announced Reliance’s commitment to new investments in Tamil Nadu, particularly in renewable energy and green hydrogen projects.

8. Data Centre Partnership: Reliance Industries, in collaboration with Brookfield, is set to open a state-of-the-art data center in Chennai, marking entry into the fast-growing market.

9. Top MoU signed include:

  • Vietnam’s electric Vehicle manufacturer, Vin Fast invested ₹16,000 crore in Thoothukudi
  • TATA electronics, a greenfield venture of the Tata group with expertise in manufacturing precision components, invested ₹12,082 crore at Krishnagiri; employment – 40,500
  • JSW, an Indian conglomerate with diversified interests, including steel, energy, infrastructure, cement, and more invested ₹12,000 crore in Thoothukudi and Tirunelveli; employment – 6,600
  • Hyundai, India’s primary smart mobility solutions provider and top car exporter invested additional ₹6,180 crore investment in Tamil Nadu
  • First Solar, an American solar technology company, produces advanced thin film photovoltaic modules developed in California and Ohio, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels invested ₹5,600 crore in Kancheepuram
  • TVS Motor Company, a global two and three-wheeler manufacturer, invested ₹5,000 crore; employment – 500
  • Pegatron, a Design and Manufacturing Service (DMS) company invested ₹1000 crore in Chengalpattu; employment – 8,000
  • Founded in 1897 during India’s Swadeshi movement, the Godrej Group, with USD 4.1 billion in revenue, holds a substantial global footprint across diverse sectors, including consumer goods, real estate, and agriculture invested ₹515 crore in Chengalpattu.
  • Mitsubishi, the global provider of electric and electronic equipment across various sectors, invested ₹200 crore in Gummidipoondi
  • Qualcomm, based in San Diego, California, specializes in semiconductors, software, and wireless technology services invested ₹177 crore; employment – 1600
  • A.P. Moller Maersk, Singapore, an integrated transport and logistics company


10. PPP Policy: Tamil Nadu has rolled out a Public-Private-Partnership (PPP) policy, signaling a strategic shift in infrastructure project financing. Acknowledging the challenges of government-exclusive investment in large-scale ventures, the policy advocates joint ventures, promoting collaboration between the public and private sectors.

Also read: Tamil Nadu Electric Vehicle Policy 2023

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