CHENNAI: The Special Investment Promotion Task Force, formed to attract foreign investors who want to relocate manufacturing bases post Covid-19 outbreak, held its first meeting to formulate a strategy. The meeting was chaired by Chief Secretary K Shanmugam.
CM Edappadi K Palaniswami had recently said that some industries from Japan, South Korea, Singapore, Taiwan and the United States were planning to shift their operations. Sources said that the State had initiated this process six months ago, when Palaniswami was planning a visit to the US and other countries. It is learnt that following meetings with several trade and industry captains, special desks have been set up in the US and UAE.
More such special desks will be created soon, sources added. The Special Investment Promotion Task Force is expected to submit its first report within a month and the focus is on auto, electronics, pharma, petrochemicals, textile machinery, and hygiene products.
Representatives from the US-India Strategic Partnership Forum, Tractors and Farm Equipment Limited, United States India Business Council, Hyundai Motors India Ltd, Enterprise Singapore, Taiwan External Trade Development Council, Mahindra World City, XOHO, Flextronics, Foxconn and Lincoln Electric Holdings, and other officials took part in the meeting, organised by the State Guidance Bureau along with the PricewaterhouseCoopers.