‘GIM to bring more FII to Pearl city’

TIRUNELVELI: The volatility of the Chinese economy could well make the two-day Global Investors’ Meet (GIM) in Chennai from September 9, a great success, feel the business fraternity in Thoothukudi. They expect around Rs 260 crore investments in the small and medium sectors through the GIM meet.

Reacting to the view that the timing of the GIM would not be of much help to the state that is to face the Assembly election in just six or seven months, Edwin Samuel, former chairperson of the CII task force in Thoothukudi said in an optimistic tone, “the market volatility in China has the possibility to turn the global investors’ attention towards India that has a better investment climate because of its political stability.”

Edwin, who is also one of the leading shipping agents in the state, opined that the state election would not have any impact on investment flows, as investors will deal with the government and not with any political party.

Supporting the shipping agent’s view on investment, Petchimuthu, a salt manufacturer said that investors from across the country visited the three-day investment mobilization programme held in Thoothukudi last month, and assured of investments to the tune of Rs 260 crore in the small and medium sectors in Thoothukudi district.

“This is around Rs 10 crore ahead of the target fixed for Thoothukudi district,” said the salt manufacturer. He quoted the district collector Ravikumar, to add that the MoUs for the same are to be signed at the GIM in Chennai.

In the power sector, the Coastal Energen coal fired thermal power generation company that has a 2x600 mw power plant worth Rs 7000 crore here, is said to have assured to invest Rs 12,000 crore more for the expansion of its project.