India chases investors based on UAE for mega projects
The roundtable of exclusive investors was organized by the Business Leaders Forum (BLF), an initiative of the UAE Ministry of Economy, the Embassy of India in the UAE and the Consulate General of India in Dubai.
Addressing investors, the Chief Minister said: “Tamil Nadu has been taking several initiatives to promote even more sectors such as the manufacture of electronic vehicles, electronics, hardware and software, food processing, MRO aircraft facilities, etc. to seek tangible investments for Tamil Nadu that are mutually rewarding for both the state and investors. ”
K Shanmugam IAS, chief government secretary of Tamil Nadu, added that Tamil Nadu attracted $ 29.8 billion of FDI from April 2000 to March 2019, making it the fourth largest region of FDI destination in India.
“A favorable business environment with several incentives such as tax refunds, capital subsidy, highly skilled labor, quality energy supply, state-of-the-art infrastructure facilities with six airports, four large seaports and reputation for efficiency and competitiveness have made Tamil Nadu the option of investors, “added.
Paras Shahdadpuri, president of BLF, said: “We have enormous potential to dig up and we have only scratched the surface with this inaugural roundtable. There is no progress without a beginning and this is a good beginning for a mutually rewarding relationship. ”
Memoranda of understanding were signed in key sectors such as biodiesel, agri-food processing, storage and storage, manufacturing and industry, trade and export facilitation, the placement of skilled labor, medical care, Shopping centers and hospitality.
It included DP World agreements to invest in a free-trade storage area, which will employ more than 1,000 people, while ITEC ME signed a memorandum of understanding to establish a multi-trade export facilitation of Tamil Nadu to promote SMEs, and another memorandum of understanding to facilitate the placement of Tamil Nadu’s skilled labor to the UAE.
Tamil Nadu is the state with the mayor number of factories and industrial workers in the country. It is also a leader in terms of industrial production.