Highlights from the Global Investors Meet

2024 in Tamil Nadu

The Tamil Nadu Global Investors Meet (GIM), a two-day event, commenced on
January 7, 2024 at Chennai Trade Centre. Organized by the Tamil Nadu
Government, this edition boasts participation from 9 partner countries and over 30
nations, signaling a significant global presence.
With an emphasis on achieving the objective of a $1 trillion economy, a central
agenda for the government since May 2021, the GIM aims to create employment
opportunities, specifically focusing on the youth and women workforce in rural areas,
as claimed by the source statement. This represents the third edition of the GIM in
Tamil Nadu, following events in 2015 and 2019.
The key guests at the meet included MK Stalin, Chief Minister of Tamil Nadu; Anand
Mahindra, Chairman, Mahindra Group; TRB Rajaa, TN Industry Minister; Mallika
Srinivasan, Chairperson TAFE; and TM Anbarasan, Minister for MSMEs at the TN
Global Investors Meet 2024, in Chennai, Monday.

As per an official source, the Tamil Nadu Global Investors Meet 2024 has
attracted INR 60,000 crores (or $7.5 billion) and has the potential to generate
50,000 jobs. Some of the companies that have invested are:
1.VinFast Investment: Vietnamese EV maker VinFast commited for an EV
manufacturing plant in Thoothukudi.
2. Semiconductor and Advanced Electronics Policy: Tamil Nadu unveiled a
comprehensive policy in the semiconductor and advanced electronics sector, aiming to
create a state-of-the-art manufacturing and design ecosystem. The policy focuses on
attracting anchor investments, enabling a semiconductor design ecosystem, and
contributing 40% to India’s electronics exports by 2030. It also aims to create a skilled
talent pool of 2,00,000 persons in the sector by 2030.
3. Strategic Investments: Multiple firms, including Tata Electronics, Hyundai,
Qualcomm, First Solar, Pegatron, JSW, and Godrej, proposed significant investments
in the state, aligning with the semiconductor and advanced electronics industry.
4. Hydrogen Resource Centre: Collaboration announced for a dedicated ‘Hydrogen
Resource Centre’ in Chennai, fostering a Hydrogen Society in line with Hyundai’s
vision.
5. Additional Hyundai Investment: Hyundai has committed an additional investment
in Tamil Nadu, emphasizing its dedication to electric vehicle manufacturing, charging
infrastructure, and skill development in the state.
6. Qualcomm’s Design Centre: Qualcomm opened a new design center in Chennai,
focusing on semiconductor design and technology.
7. Renewable Energy and Green Hydrogen: Mukesh Ambani announced Reliance’s
commitment to new investments in Tamil Nadu, particularly in renewable energy and
green hydrogen projects.
 8. Data Centre Partnership: Reliance Industries, in collaboration with Brookfield, is
set to open a state-of-the-art data center in Chennai, marking entry into the fast-
growing market.
9. Top MoU signed include:
 Vietnam’s electric Vehicle manufacturer, Vin Fast invested ₹16,000 crore in
Thoothukudi
 TATA electronics, a greenfield venture of the Tata group with expertise in
manufacturing precision components, invested ₹12,082 crore at Krishnagiri;
employment – 40,500
 JSW, an Indian conglomerate with diversified interests, including steel, energy,
infrastructure, cement, and more invested ₹12,000 crore in Thoothukudi and
Tirunelveli; employment – 6,600
 Hyundai, India’s primary smart mobility solutions provider and top car exporter
invested additional ₹6,180 crore investment in Tamil Nadu
 First Solar, an American solar technology company, produces advanced thin film
photovoltaic modules developed in California and Ohio, providing a competitive,
high-performance, lower-carbon alternative to conventional crystalline silicon PV
panels invested ₹5,600 crore in Kancheepuram
 TVS Motor Company, a global two and three-wheeler manufacturer, invested
₹5,000 crore; employment – 500
 Pegatron, a Design and Manufacturing Service (DMS) company invested ₹1000
crore in Chengalpattu; employment – 8,000
 Founded in 1897 during India’s Swadeshi movement, the Godrej Group, with USD
4.1 billion in revenue, holds a substantial global footprint across diverse sectors,
including consumer goods, real estate, and agriculture invested ₹515 crore in
Chengalpattu.
 Mitsubishi, the global provider of electric and electronic equipment across various
sectors, invested ₹200 crore in Gummidipoondi
 Qualcomm, based in San Diego, California, specializes in semiconductors, software,
and wireless technology services invested ₹177 crore; employment – 1600
 A.P. Moller Maersk, Singapore, an integrated transport and logistics company
Synopsis:
10. PPP Policy: Tamil Nadu has rolled out a Public-Private-Partnership (PPP) policy,
signaling a strategic shift in infrastructure project financing. Acknowledging the
challenges of government-exclusive investment in large-scale ventures, the policy
advocates joint ventures, promoting collaboration between the public and private
sectors.