Rs 15,000 crore worth MoUs to be signed in TN today

Chennai: Even before the lockdown could fully be lifted, Tamilnadu is today set to sign MoUs with multiple companies which are keen to invest in the State.

According to sources, 17 MoUs worth Rs 15,000 crore will be signed at the Secretariat today in the presence of Chief Minister Edappadi K Palaniswami.

Companies from countries like Germany, Finland, Japan, China, France and Taiwan will sign the pacts with the State government officials and will start their operations soon here, sources added.

Recently, in a bid to woo foreign investments in the wake of some companies mulling moving out of some countries in view of the coronavirus impact, Tamilnadu Chief Minister Edappadi K Palaniswami announced formation of a Special Committee to attract them to invest in the State.

In a statement here, he said the ‘Special Committee to attract Investments’, headed by Chief Secretary K Shanmugam, would devise ways and means to attract those companies to set up their industries in the State.

He said several firms from Japan, Taiwan, South Korea, Singapore and the United States were planning to exit from some countries due to the economic setback caused by the COVID impact and were planning to expand their manufacturing base to other countries, including India.

There were also reports that the companies from these countries, who have sizeably invested in Tamilnadu, were looking at India to shift their businesses.

In these circumstances, the Chief Minister has initiated measures to devote special attention on these companies, who have already invested in Tamilnadu, by attracting them to set up their manufacturing base, with a view to create more jobs for the youth.