August 30, ANI, San Francisco, California [US]: MK Stalin, the chief minister of Tamil Nadu, is currently in the US on an official visit with the goal of gaining backing and luring capital to further the state’s economic growth. Stalin is meeting with important US-based businesses while on his visit to talk about possible investment prospects in Tamil Nadu.
On the first day of his tour, the Chief Minister of Chife declared that the state had secured investments in excess of Rs 900 crores at Chennai, Coimbatore, Madurai, and Chengalpattu, which would result in the creation of 4,100 new jobs across various sectors.
According to MK Stalin’s post on X, “Nokia has 100 jobs, PayPal has 1,000 jobs, Yield Engineering Systems has 300 jobs, Microchip has 1,500 jobs, Infinx has 700 jobs, and Applied Materials has 500 jobs.” We still have two weeks left to build on this momentum and draw in more investors to Tamil Nadu, which will accelerate our progress toward a trillion-dollar economy.”
The Chief Minister of Tamil Nadu emphasized the state’s economic successes during his speech at the San Francisco Investment Conclave. These included the state’s ranking as the second-largest economic state in India, its high rate of urbanization, and noteworthy advancements in education.
Tamil Nadu is one of the most urbanized states in India, with 48% of the state being urbanized. With 48% of the people enrolled in higher education, we have more enrolment than any other state in India, according to Stalin.
“Tamil Nadu is one of the fastest-growing economic states in the world, with 39,000 factories and 2.6 million workers in industries,” Stalin said, underscoring the state’s robust industrial foundation.
Declaring that his goal for the state was to turn Tamil Nadu into an economy worth a trillion dollars, he set forth his grandiose ambition. Our goal is to draw in sectors that can generate large amounts of capital and jobs.” Noting, “We welcome investments in semiconductors, electronics, and research and development,” Stalin urged businesses to take Tamil Nadu into consideration for their next expansion. Tamil Nadu is prepared to welcome investors with open arms.”
“We have created an ease of doing business in Tamil Nadu with streamlined permissions and licenses, making it easier and faster to set up and operate businesses,” he said, underscoring the state’s progress in fostering a favorable economic environment.
Stalin also emphasized the close ties that currently exist between Tamil Nadu and the US, citing the presence of more than 300 US businesses in the state.
“Tamil Nadu and America have long had a close relationship. He mentioned that major corporations like Ford, Honeywell, Cognizant, and Qualcomm have made a major footprint in Tamil Nadu.
The state administration inked multiple Memorandums of Understanding regarding possible investments during the investors’ conference.
To establish a research and development center for semiconductor technology in Chennai, Microchip Technology plans to invest Rs 250 crore. According to the TN government, this will probably result in 1500 jobs.
To establish a Product Development and Manufacturing Facility for Semiconductor Equipment, Yield Engineering Systems plans to invest Rs 150 crore. Nokia intends to make an investment.
Nokia plans to establish the largest fixed network test facility in the world at Sirucherry, together with a new research and development center, at a cost of Rs 450 crore. Additionally, the government of Tamil Nadu inked Memorandums of Understanding with PayPal, Infinx, and Applied Materials.