Tamil Nadu: Chief Minister MK Stalin to visit Japan and Singapore to attract investments

Aside from meeting industrialists, the chief minister is expected to sign MoUs with a few companies in the renewable energy sector.

ByVinodh Arulappan

Published May 22, 2023 | 4:47 PMUpdatedMay 22, 2023 | 4:47 PM

This is Stalin's second official visit abroad after assuming the Office of the Chief Minister. (Supplied)

Tamil Nadu Chief Minister MK Stalin is set to leave for Japan and Singapore on Tuesday, 23 May, on an official visit to attract investments to the state. Stalin is the first chief minister of Tamil Nadu to visit Japan.

With a delegation including Industries Minister TRB Raaja and senior IAS officers, Stalin is expected to meet the manufacturers of the electronics sector, electric vehicles, renewable energy, and semiconductor industries, and invite investments to Tamil Nadu.

The chief minister will also invite them to participate in Global Investors Meet in Chennai, scheduled in January 2024.

Also read: TN procured investments worth ₹2,73,448 crore since May 2021

Agenda of the visit

According to sources, Stalin will be in Singapore for two days and spend the remaining seven days in various cities in Japan, including Tokyo and Osaka — the commercial city of Japan.

He will also meet the CEOs of Japanese companies, heads of government corporations, and the ministers of the respective countries.

Aside from meeting industrialists, the chief minister and his delegates are expected to sign Memoranda of Understanding (MoUs) with a few companies in the renewable energy sector, said sources in the State Industry Department.

South First learnt that during this trip, the chief minister’s primary focus would be to bring investments worth at least ₹2 lakh crore to the state, particularly to the Chennai, Krishnagiri, and Coimbatore regions.

Stalin is also expected to meet the Tamil diaspora in both countries and invite Tamil businessmen to participate in the Global Investors Meet.

The delegation will return to Tamil Nadu on 31 May.

Also Read: OLA commits ₹7,500 crore to set up 2,000-acre EV Hub in TN

Towards $1-trillion economy

This will be Stalin’s second official visit abroad after assuming the Office of the chief minister.

The Union government approved the chief minister’s visit a couple of months ago and the Indian embassies in Singapore and Japan were instructed to assist the chief minister and his delegation on the trip.

In March 2022, Stalin with his officials visited the United Arab Emirates and met several industrialists, inviting them to invest in Tamil Nadu. Further, the state signed an MoU with the LuLu Group for investments worth ₹6,100 crore.

With over 200 Japanese companies, Tamil Nadu is leading in attracting foreign investments in the country and recently, Mitsubishi had set up its AC and compressor manufacturing unit near Chennai.

Further, Foxconn and Pegatron — Apple iPhone vendors — have additional investments for their facilities near Chennai. The move is focused on making Tamil Nadu a $1 trillion economy by 2030.

Also Read: Mitsubishi to set up manufacturing unit in TN 

Foreign direct investments

As per data released by the Union Commerce Ministry, Tamil Nadu received foreign direct investment (FDI) worth ₹5,836 crore between April and June 2022, and Tamil Nadu holds the fifth place in attracting FDIs.

Recently, minister Thangam Thennarasu said that Tamil Nadu attracted investments worth ₹90,000 crore in the past year. He also pointed out that the state’s ranking in ease of doing business had jumped to three from 14.

He also said that the state had signed MoUs with 132 companies that pledged investments of ₹94,975 crore, generating jobs for over 2 lakh people, since the DMK government assumed office in May 2021.

Also Read: Taiwan-based company signs MoU for ₹2,302 crore in TN