Chennai (Khabarr) – The Chennai Trade Centre was abuzz with global leaders and industry moguls as Tamil Nadu played host to the Tamil Nadu Global Investors Meet 2024. The event witnessed Tamil Nadu signing investment pacts exceeding $4.39 billion with industry giants such as Tata Electronics, Pegatron, and Hyundai Motors, underlining the state’s commitment to becoming an economic powerhouse.
Tamil Nadu, a thriving state in southern India, attracted major players including Tata Electronics, Pegatron, and Hyundai Motors. These esteemed firms pledged their commitment to the state’s growth trajectory, aiming to create close to 20,000 job opportunities.
The two-day summit, inaugurated by Union Commerce Minister Piyush Goyal and Tamil Nadu Chief Minister M. K. Stalin, drew over 450 delegates from across the globe. In a significant turn of events, key players like VinFast Auto, JSW Renewables, TVS Group, First Solar, Pegatron, Godrej Consumer Products, and Qualcomm made groundbreaking announcements, collectively expected to generate close to 20,000 jobs in the state.
Tata Electronics, a crucial player in the Indian conglomerate, pledged a massive investment of ₹12,080 crore for mobile phone assembly operations. CM Stalin assured unwavering support, stating, “The Tamil Nadu government will support investors in every way possible,” as the state aims to play a pivotal role in India’s economic growth.
Pegatron, Apple’s Taiwan-based supplier, is set to invest ₹1,000 crore to expand production, aligning with Apple’s strategy of diversifying production away from China. Tata Power is exploring investments up to ₹70,000 crore in Tamil Nadu, reinforcing the state’s attractiveness for significant investments.
In an industry-wide surge, JSW Energy committed ₹12,000 crore for renewable energy projects, while Hyundai Motors pledged ₹6,180 crore, earmarked for electric vehicle (EV) battery and car manufacturing. VinFast Auto, the Vietnamese EV maker, entered the Indian market with plans to invest up to $2 billion in Tamil Nadu, further solidifying India’s position as a key player in the global automobile market.
Pegatron’s ₹1,000 crore investment, along with Tata Electronics, TVS Group, and Mitsubishi Electric’s combined commitments of ₹12,000 crore, ₹5,000 crore, and ₹6,180 crore, respectively, showcase the diverse range of industries contributing to Tamil Nadu’s economic boom.
The tech giant Qualcomm unveiled plans to set up a design center in Chennai, injecting ₹177 crore into the state’s economy and creating 1,600 jobs. First Solar also joined the green initiative, announcing a ₹2,500 crore investment to establish a photovoltaic (PV) solar module plant in Kanchipuram, contributing to sustainable development and job creation.
Godrej Consumer Products added to the momentum by unveiling a ₹515 crore investment plan for an integrated manufacturing unit in Chengalpattu, expected to generate 446 jobs. Pegatron’s consumer electronics manufacturing unit, with a ₹1,000 crore investment, is projected to create a staggering 8,000 jobs, marking a significant boost to employment opportunities in the state.
JSW Renewables showcased its commitment to green energy with a ₹12,000 crore investment in multiple renewable energy projects, creating 6,000 jobs and contributing to the state’s sustainable development goals. JSW Steel, not to be left behind, expressed intentions to double its existing investments in Tamil Nadu, emphasizing the state’s attractiveness for industries across sectors.
In a strategic move, VinFast Auto announced the establishment of an EV manufacturing unit in Tuticorin, investing $2 billion and generating over 3,000 local jobs. Hyundai Motors, a prominent player in the automotive sector, declared an additional investment of ₹6,180 crore, focusing on electric vehicle manufacturing and unveiling plans for a Hydrogen Resource Centre in collaboration with IIT-Madras.
The event was graced by the presence of Minister of Commerce and Industry Piyush Goyal, who emphasized Tamil Nadu’s $1-trillion ambition as a driving force for India’s industrial growth. He highlighted Prime Minister Narendra Modi’s recent inauguration of government projects worth $2.5 billion in Tamil Nadu.
As Tamil Nadu continues to attract unprecedented investments, the state gears up to potentially surpass its previous investment records, with Minister of Industries and Investment Promotion TRB Rajaa expressing confidence in breaking previous records. The state’s ambition to become a trillion-dollar economy is on track, and the Global Investors Meet 2024 serves as a testament to Tamil Nadu’s emerging prominence on the global investment map.