E-Paper
Promoting TN as investors’ destination: Stalin in Japan
Stalin sought to draw more investments as part of the TN government’s efforts to be a one-trillion dollar economy by 2030
The Tamil Nadu government on Monday signed six memoranda of understanding (MoUs) worth over ₹800 crore with Japanese firms during chief minister M K Stalin’s ongoing visit of that country. During his visits to Singapore and Japan, more than a dozen MoUs have been inked for investments in Tamil Nadu.
Stalin on his visit to the Asian countries sought to draw more investments as part of the state government’s efforts to be a one-trillion dollar economy by 2030 and to invite major companies to the global investors’ meet in Chennai to be held in January 2024. “We are making all efforts to promote Tamil Nadu as the most attractive state for investments in south Asia,” the chief minister said during an event with investors in Tokyo on Monday.
In the presence of Stalin, six MoUs were signed on Monday between various arms of the Tamil Nadu government in Tokyo with companies based across Japan envisaging ₹818.90 crore investments in the fields of automotive spares, metals used in space, defence and construction, as well as construction engineering, a government statement said. The agreements include KyoKuto Satra’s pledge of more than ₹113 crore to manufacture truck parts in Kancheepuram district and Kohyei committing to invest ₹200 crore to manufacture extrusion lines for electronic components for use in the construction industry. On May 26, an MoU was signed with Daicel Safety Systems for the expansion of their automobile airbag inflator plant in Chengalpattu district.
“All of his (Stalin’s) initiatives overseas are aimed at increasing the GDP of the state from 14.6% to 18%, so that we can achieve the target of being a one-trillion dollar economy,” said a government official. Last year, Stalin’s visit to the United Arab Emirates resulted in the signing of MoUs worth ₹6,100 crore, the official added.
Stalin has been in Osaka and Tokyo after he signed six MoUs with Singapore on May 24 and 25. The chief minister left for Singapore on May 23 and officials said that he is expected to return on May 31. In both the countries, Stalin accompanied by the state’s industries department conducted ‘Investors’ First Port of Call’ where the chief minister met with CEOs of top companies. “Negotiations are underway with several top companies and the results would be evident in next year’s global investors’ meet,” said a second official.
The state government has been meeting investors in Osaka and Tokyo with the aid of the Japan External Trade Organisation (JETRO). On Monday, Stalin met with JETRO’s chairman Ishiguro Norihiko. “The assistance of JETRO has been crucial in fostering strong economic ties between Tamil Nadu and Japan and ensuring Japanese investments in our state,” Stalin said. “Within India, Tamil Nadu is the leading state for Japanese investments.”
Companies, such as Nissan, Toshiba, Yamaha and Hitachi, have factories functioning in Tamil Nadu.
Stalin also attended events to meet the Tamil diaspora in Singapore and Tokyo and launched a youth exchange programme -- Verkalai Thedi (in search of roots). Stalin has announced that a statue for Lee Kuan Yew, Singapore’s late first prime minister considered to be the father of the country, will be built in Tamil Nadu’s Mannargudi.
When Stalin left for his two-nation visit, AIADMK general secretary and leader of opposition Edappadi Palaniswami had said that his trip would be futile. He said that the investments brought by late J Jayalalithaa and himself resulted in major industries entering Tamil Nadu. “But, the DMK is taking credit for it,” Palaniswami said.
In a rebuttal,finance minister Thangam Thennarasu, who earlier held the industries portfolio, asked if Palaniswami was trying to cover up cases of corruption against AIADMK cabinet ministers by attacking Stalin.
