Tamil Nadu receives Rs 2,300 cr more US investment

Tamil Nadu has received Rs 2,300 crore more US investment during the ongoing visit of Chief Minister K Palaniswami to America, taking the total to over Rs 5,000 crore, the state government said on September 5.

As many as 19 memoranda of understanding were signed at an Investors’ Meet held at San Jose in the US on September 4, an official release said.

On September 3, a total of 16 companies had committed investments to the tune of Rs 2,780 crore at a similar meet held in New York.

The meet in San Jose saw the participation of over 250 investors, including officials of firms like Foxconn and Zoho Corporation, who have already invested in Tamil Nadu, it said.

“In this (investors’) meet, a total of 19 MoUs were signed and Tamil Nadu has received Rs 2300 crore investment,” it said, adding, over 6500 job opportunities will also be created to benefit the youth of the state.

Palaniswami launched ‘Digital Accelerator’ scheme in participation with an American entrepreneurs association to fund new ventures by state-based entrepreneurs, it said.

The state government will allocate Rs 50 crore for this purpose, wherein 10 percent of the total investment will be provided as assistance, it said.

In his address at the investors’ meet, Palaniswami highlighted the business-friendly atmosphere in Tamil Nadu and pointed out Tamil Nadu was a favourable destination for investments in the sectors of Fintech, Aerospace and Space, the release said.

The chief minister last week embarked on the three-nation tour to the UK, US and Dubai, saying the visit was aimed at garnering more foreign investments for Tamil Nadu.

He would make a stopover in Dubai enroute to India, where he would meet potential investors, and scheduled to return to the state on September 10.