CHENNAI: With less than a fortnight to go for the third edition of the two-day Global Investors Meet to be held from January 7, The New Indian Express caught up with Industries Minister TRB Rajaa on the preparation for the mega event where delegates from 50 countries are attending. The event is being partnered by nine nations apart from Taiwan.
Here is an excerpt:
How are the preparations for the 3rd Edition of Global Investors Meet going?
The Global Investors Meet is expected to be an event filled with a few surprises which will pop up by the way of new announcements. Nine countries are partnering with the state: these include Japan, Australia, the United Kingdom, Germany, United states, Singapore, France, Denmark and South Korea. Apart from them, Taiwan is also a partner. We will also be having participation of delegates from at least 50 countries. The event will be held at Chennai Trade Centre 2.0, a world-class events venue with higher capacity, sleeker design and refreshing new look. The new building will have 4.5 lakh square feet of built-up area. You will get to see some good names on the stage.
How much investments, Tamil Nadu government is targeting to woo during this GIM? What will be the conversion rate of MoUs signed during GIM?
The state has wooed Rs 3 lakh crore over the last two-and-a-half years and we are expecting to attract a few lakh crore. The last two GIMs were only about numbers. The conversion rate of Memorandum of Understanding during the first and second editions of GIM was poor. I would like to see the conversion rate during this edition to be around 75%. We are also very careful about what will be converted and what will not. This time we are more interested in the jobs being created through the investment.
What are the key sectors the state is focussing on during the event?
The focus sectors will be electric vehicles, aeronautics and defence, green energy, electronics, research and development, Global Capacity Centres and other sectors. We are the electric vehicle capital of India. The idea now is to enhance value chain. Now we are keen on wooing investment in cell chemistry, cell technology, battery technology, battery recycling. Research and development is key to the technical talents we have in the state. If you look at the number of patents that has been registered for the last few years, Tamil Nadu ranks top. We have a vibrant research eco-system which is stalled because of the lack of lab and testing facilities. Over the last two-and-a-half years, Chief minister M K Stalin has built the ecosystem.
Tell us more about the Green investments coming to the state, especially on hydrogen and offshore energy?
We have already signed MoUs with three major players in Green Hydrogen. The companies, including Petronas, are looking at financial closure. Some of them amalgamate with each other. We are also looking at new investments which are likely to by announced during the GIM. On offshore wind energy, the Union government has announced an offshore patch in near Ramanathapuram. There are some concerns that the cables that may be laid off fall on the coral reefs. We are not keen on that. We will make sure the offshore wind energy projects take off in a big way without affecting the sensitive biodiversity.
Will the global conflict in the Middle East and Russia and the floods in the state impact the GIM?
Floods are due to the impact of Climate change. The global conflict hasn’t impacted the economy. The local economy is shaping up well and our own internal consumption will be very high going into the next decade or two. Many of the investors who are coming to participate in GIM are planning to set up factories to supply to India. This is more of Make in India and ‘Made in Tamil Nadu’, which is a unique brand because of the quality of output. That is why people who are coming for Making it in India are opting for Made in Tamil Nadu.
Chief secy inspects Chennai Trade Centre
Chennai: Chief Secretary Shiv Das Meena on Friday inspected Chennai Trade Centre to review the arrangements for the upcoming Global Investors Meet to be held on January 7 and 8, 2024. He inspected the progress of construction of the new building and gave suggestions on early completion. Instructions were given to Chennai Metro Rail to complete the road-laying works in time. Chennai Corporation officials were requested to keep the premises and surroundings clean through better waste collection and encroachment removal, a release said.