COIMBATORE: Chief Minister MK Stalin took part in the ‘TN Rising’ investors conclave in Coimbatore on Tuesday. 158 MoUs were signed to provide employment to 1,00,709 people with an investment of Rs 43,844 crore.
Debunking claims by opposition parties that investors are going to other states, Stalin said misinformation is being spread with an ulterior motive.
“Those who are not in favour of development in Tamil Nadu are spreading misinformation motivated by political gain. In the last four and a half years of our rule, they cannot bear to see investments that have come to Tamil Nadu,” he said.
“When I became chief minister, I said that there would be balanced development in all districts. I have pushed industrialists to come forward and invest in Tamil Nadu.
As usual, we are holding conferences not just individually, but also on a small and large scale, to inform investors about opportunities available in the state, inviting them to invest,” Stalin said.
He added that attracting industrial investments is not easy as there is tremendous competition and incentives are needed to woo them.
“Amidst fierce competition, we are competing not only with Indian states but also with countries like Vietnam and Thailand to bring these investments to Tamil Nadu. In particular, we are paying attention to what kind of investments and how many concessions we are bringing.
We engage in these efforts by providing proper incentives according to our financial situation. We are also providing incentives that investors are asking for and the benefits that those investments will bring to Tamil Nadu,” he said.
“As a result of the 17 investors’ conferences held so far, 1,160 MoUs have been signed. This is 2.5 times more than the last four years of the previous government. Through these MoUs, we have secured investments worth Rs 11,40,731 crore, indirectly and directly, and ensured employment for over 34 lakh people,” the chief minister added.
“There are many states which hold investor conferences to develop their states. They also sign MoUs, but what is the ‘conversion rate’? How many contracts turn into factories? Tamil Nadu’s conversion rate is at 80%. Out of the 1,016 MoUs signed, 809 projects are in various stages of implementation,” Stalin said.
“Following efforts by the government, startups in Tamil Nadu have gone up to 12,663 now, as opposed to 2,146 in 2021. The reason many companies come to Tamil Nadu is because the government is working with transparency and there are talented, educated youth here. There is also a ‘business-friendly’ environment here,” Stalin added.
Some important deals inked
Caliber Interconnects to invest Rs 3,000 crore in semiconductor and electronic components making, create 4,000 new jobs
MSME department inks 47 MoUs worth Rs 1,052 crore to create 4,502 jobs
Rs 398 crore deal with Mindox to expand its Kovai facility
Yield Engineering Systems, a US-based semiconductor component manufacturer, will invest Rs 150 cr for setting up a manufacturing and engg facility in Coimbatore