Nation Current Affairs 06 Sep 2019 Edappadi K. Palanisw ...

Edappadi K. Palaniswami's investment net over Rs 5K crore

Published Sep 6, 2019, 2:41 am IST
Updated Sep 6, 2019, 2:41 am IST
Chief Minister Edappadi K. Palaniswami
 Chief Minister Edappadi K. Palaniswami

CHENNAI: After a successful interaction with foreign investors in New York, Chief Minister Mr. Edappadi K. Palaniswami on Wednesday followed it up with another fruitful meeting with entrepreneurs and investors in the western city of San Jose, part of the Silicon Valley belt in the US, during which 19 MoUs' were signed to help bring in Rs 2,300 crore fresh investments to TN.

With this, the total investment commitments from various companies to invest in the State from the US, in the second leg of his three-nation tour, has crossed Rs 5,080 crore, including the 16 MoUs’ signed in New York with an investment commitment of Rs 2,780 crore, an official release here on Mr. Palaniswami's engagements at San Jose said. These agreements inked at San Jose are expected to create job opportunities for 6,500 persons.  

The US-based companies that signed the MoUs Thursday included Lincoln Electric, Wearable Mems, Caldon Biotech, ZL Technologies, Kapisoft, Kloud Learn, Sierra Health Alerts, Acts Global Tech Solutions,,, Achireum, Nature Mills, SAI, ACS Global Tech Solutions and Dotsolved Systems Inc, besides Tie Global, USISPF, Google X, and DCF ventures, the release said. This list includes several firms in the information technology sector.         
Presiding over the San Jose investors meet, Mr. Palaniswami explained in detail the conducive eco-system developed for starting new industries in Tamil Nadu over the years and assured all possible assistance and incentives by the State government to entrepreneurs who wished to invest here. Over 250 investors participated in this meeting close to the East Coast.

Significantly at San Jose, top-level executives of companies like Foxconn, Lincoln Electric and Zoho Corporation,  which are already running successful enterprises in Tamil Nadu, shared their experiences of working in the state in the presence of the Chief Minister and some of his Cabinet colleagues accompanying him. Earlier, a video film on why Tamil Nadu is the most preferred destination for FDI in India was screened to the audience, giving a synoptic view of its advantages in terms of infrastructure, a professional work culture, highly skilled and dedicated workforce and speedy clearances by the State government in a transparent manner.

Mr. Palaniswami, in his speech, underscored how his government has been building upon the package of incentives and facilities for entrepreneurs and industries to attract FDI to Tamil Nadu, which was set in pace by the former Chief Minister, J Jayalalithaa.

He said Tamil Nadu was particularly well suited for new industries in areas of financial technologies, aerospace, space and manufacture of electric vehicles. Mr. Palaniswami also unveiled on the occasion, the 'Digital Accelerator' scheme, in association with ATEA of USA, to guide and facilitate new entrepreneurs starting enterprises in Tamil Nadu. For new start-ups, Tamil Nadu government would provide up to 10 per cent of the project cost, for which Rs.50 crore will be allotted, Mr. Palaniswami added. He also inaugurated the 'Yaadhum Oore', the project to network the Tamil Diaspora, in San Jose.




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