CHENNAI: The Tamil Nadu government on Thursday constituted a Special Investment Promotion Task Force to attract investors from countries which are planning to relocate their manufacturing bases post COVID-19. The committee will submit its first report within one month and the final report within two months to Chief Minister Edappadi K Palaniswami.
The task force headed by Chief Secretary K Shanmugam would identify sectors in which Tamil Nadu can attract investment due to relocation from other countries post-COVID and formulate special incentive packages and facilitations which need to be provided to attract these investments.
The task force would also identify key infrastructure projects including dedicated industrial townships that need to be undertaken or expedited to attract investments. Besides, it would identify measures to fast-track clearances to promote these investments. It would also recommend outreach activities and brand building to position Tamil Nadu as an attractive investment destination and other related measures.
Explaining the reasons for this move, the G.O issued in this regard said, “The economic upheavals and supply constraints caused by COVID-19 have prompted many countries to rethink their existing supply chains which are excessively dependent on some countries. Reports indicate that countries like the US, South Korea, Japan, Taiwan and Singapore are likely to diversify by establishing supply chains originating in India. Tamil Nadu which is already a favoured investment destination is well placed to attract these investments and needs to take proactive steps to attract them.”
Nominees from Japan External Trade Organisation (JETRO), Korea Trade Investment Promotion Agency (KOTRA), Korean Chamber of Commerce and Taiwan External Trade Development Council (Taitra), Indo American Chamber of Commerce, US-India Strategic Partnership Forum (USISPF) and US-India Business Council (USIBC), Enterprise Singapore, Japanese Industrial Parks, Japanese, Korean, USA and Taiwanese companies in Tamil Nadu will be among the members of this task force.