Tamil Nadu eyes Rs 1 lakh crores foreign investment by end of May 2016

 Jayarama Emani | The Dollar Business

Principal Secretary, Tamil Nadu Government, S Krishnan addressing the delegates as part of the promotion activity for Global Investors Meet (GIM) – 2015 to be held in Chennai on May 23rd and 24th, 2015.

  The Indian State of Tamil Nadu (TN) is organising a Global Investors Meet (GIM) – 2015 on May 23rd and 24th, 2015 at the Chennai Trade Centre, Chennai. Speaking exclusively to The Dollar Business, S. Krishnan, Principal Secretary, TN Government, Planning & Development Department said, “The State Government is targeting to attract Rs 1 lakh crores foreign investment in infrastructure, manufacturing and services by May 2016.” The official went on to add that Tamil Nadu is ranked third, next only to Maharashtra and New Delhi Capital Region in terms of cumulative Foreign Direct Investment (FDI) attracted during April 2000 to January 2015 with Rs 85,790 crore. Whereas, in April 2011, Tamil Nadu was ranked fourth with a cumulative FDI of Rs 33,105 crores, incremental FDI attracted by Tamil Nadu during May 2011 to January 2015 was Rs 52,685 crores. Tamil Nadu Industries Minister, P. Thangamani stated that the State of Tamil Nadu has been traditionally an ideal choice for investment. This is reflected by the presence of over 40,000 large industries supported by close to a million Small and Medium Enterprises. The State is a big manufacturing hub with presence of many internationally renowned companies, like Hyundai, Daimler, Ford, Nissan, Michelin and Saint Gobain. These companies have chosen the State as their global manufacturing and export hub. With many more investments to come the State is poised to become one of the largest automobile manufacturing hub in the World by the year 2016. GIM – 2015, is a focused endeavor to realize the state’s vision of inclusive and holistic growth through investment inflows, growth in employment, balanced regional development and environmentally sustainable long-term development, he concluded.  

This article was published on April 9, 2015.