- All statutory approval to be granted within 30 days on the single window facilitation online portal
MUMBAI, (GNI): The Government of Tamil Nadu today formally launched its investment promotion campaign for “Global Investors Meet 2019” in the city. The state was recently ranked second in terms of investment potential next only to Delhi by National Council for Applied Economic Research (NCAER).
The roadshow to woo investors ahead of the TN Government’s second edition of “Global Investors Meet, to be held on 23-24 January 2019 in Chennai, was led by Tamil Nadu Industries Minister Thiru M C Sampath.
“We wish to showcase the manufacturing prowess and competitive strengths of Tamil Nadu and various investment opportunities to investors here”, Thiru Sampath said in his inaugural address at the roadshow, organised in tandem with the Confederation of Indian Industries (CII).
“Tamil Nadu is recognised globally as a favoured investment destination with strong potential for manufacturing. The state has emerged as the largest hub for the production of automobiles and auto components, electronic hardware, engineering, textiles, leather, etc.”, the Minister said.
Thiru Sampath said, “Tamil Nadu is one of the top states in attracting Foreign Direct Investment (FDI) and added “at present, over 3000 foreign companies including Joint ventures have invested in Tamil Nadu. This includes 61 Fortune 500 companies which have established their base in the state.”
Listing out the pro-active measures initiated by the Tamil Nadu Government to support investors, Thiru Sampath said “Our Government offers an attractive package to investors. This includes land allotment in our Industrial parks and Special Economic Zones, good infrastructure support like electricity, water, waste disposal, etc apart from an attractive package of fiscal incentives. Our Single window facilitation online portal will enable investors to get all statutory approvals within 30 days.”
The Minister emphasized that his government was totally committed to protecting and securing the wellbeing of investments, public life, and property. “Through highly responsive governance systems, we have ensured near perfect industrial harmony. The assessments on Business Reforms by various independent bodies such as NCAER, Frost and Sullivan and Public Affairs Institute prove our unparalleled progress on business-friendly initiatives and labour reforms. It is a testimony to the culture of the State’s people and their outlook towards organized systems of livelihood”, the Minister added.
Tamil Nadu had earlier organized the First edition of Global Investors Meet (GIM) in September 2015. Over 6500 delegates including about 1600 foreign delegates attended this. Also, Government of Tamil Nadu signed Memorandum of understanding (MoU) with 98 major investors with an investment of over Rs.2.42 lakh crores which is equal to about US $ 36 Billion. As a result of our close monitoring and follow-up, 63 projects are under various stages of implementation, the minister informed.
For GIM 2019, Tamil Nadu is focusing on sectors with bounteous investment potential such as Textiles and Apparels, Pharmaceuticals & Biotech, Agro & Food Processing, Aerospace & Defence, Automobiles & Auto Components, Renewable Energy, Infrastructure, Heavy Engineering, Chemicals & Petrochemicals, Heaving Engineering, Electronic Hardware, and IT & ITeS.
Mr M Ponnuswamy Chairman, CII Tamil Nadu State Council & Chairman, PonPure Chemicals Ltd said “Tamil Nadu has brought in Business Facilitation Act 2017, which envisages investors to get 11 approvals through an online single window portal. They also created a separate portal for Micro, Small and Medium Enterprises. Both are working very well and it makes Tamil Nadu one of the best investment destinations. A lot of investments are expected to come from the 2019 Tamil Nadu Global Investors Summit.”