Tamil Nadu Chief Minister, during his valedictory address said investment proposals worth a sum of ₹6.64 lakh crore were attracted at the end of the two-day international event.
The two-day Tamil Nadu Global Investors Meet (GIM) 2024 hosted by the DMK government got off to a blistering start at the Chennai Trade Centre on January 7 with Chief Minister M.K. Stalin unveiling a blueprint for making the State a $1 trillion economy by 2030.
On day 1, the government also released its Semiconductor and Advanced Electronics Policy, 2024, on a day when a slew of memoranda of understandings (MoUs) entailing mega investments were signed.
During the valedictory on January 8, Chief Minister Mr. Stalin said, “I am happy and proud to inform this august gathering that due to our tireless efforts and your participation during this Global Investors Meet, we have attracted an unprecedented ₹6,64,180 crore-worth of investments.
A total of 26,90,657 jobs are expected to be generated from these investments that includes direct employment for 14,54,712 persons.”
A slew of MoUs were exchanged at the end of the day.
Here are some of the major announcements :
Qualcomm :
Inaugurating the event, Tamil Nadu Chief Minister MK Stalin launched Qualcomm's new design centre, established with an investment of ₹177.27 crore. The centre will specialise in wireless connectivity solutions, focusing on innovations complementing Wi-Fi technologies and contributing to Qualcomm’s global 5G Cellular technology R&D efforts. The facility is expected to generate jobs for 1,600 skilled professionals.
Pegatron :
Pegatron, a consumer electronics manufacturer, and Apple’s Taiwan’s supplier has entered Tamil Nadu with a significant investment of ₹1,000 crore. The establishment of this consumer electronics manufacturing unit is expected to generate 8,000 jobs, providing a substantial boost to employment opportunities in the state. This move aligns with Apple's strategy to diversify production away from China, with Pegatron working towards a second factory in India.
VinFast Auto :
VinFast Auto, a Vietnamese electric vehicle manufacturer, signed a memorandum of understanding (MoU) with the Tamil Nadu government. As per a report by Bloomberg, on Saturday, VinFast announced the establishment of an electric vehicle manufacturing unit in Tuticorin, Tamil Nadu, with an investment of $2 billion (approximately ₹16,000 crore). The facility is expected to generate over 3,000 local jobs, with construction targeted to start this year.
Hyundai :
Hyundai, a key player in the automotive sector, announced an additional ₹6,180 crore investment in Tamil Nadu, complementing the ₹20,000 crore invested in electric vehicle manufacturing in the previous year. The company will establish a 'Hydrogen Valley Innovation Hub' with an investment of ₹180 crore, in collaboration with IIT-Madras. This hub will serve as an incubation center for developing a framework for localising the hydrogen ecosystem, promoting employment, and supporting skill development in the region.
