Tamil Nadu Global Investors Meet (TNGIM 2024) – A retrospect

Tamil Nadu Global Investors Meet (TNGIM 2024) – A retrospect

Tamil Nadu is experiencing a surge of optimism in 2024, driven by a significant influx of investments poised to spur both individual and national growth. The much-anticipated “Global Investment Meet,” (TNGIM 2024) presided over by Chief Minister M.K. Stalin and meticulously organized by Industrial Minister T.R.B Raja, played a crucial role in solidifying the state’s vision. The success of this event is a clear testament to Tamil Nadu’s dedication to achieving its ambitious target of becoming a $1 trillion economy by 2030.

The meet showcased the state’s abundant infrastructure, skilled workforce, and streamlined business processes, attracting global investors to consider Tamil Nadu as a prime investment destination. The state’s industrial landscape reflects its commitment to sustainable and inclusive growth, ranging from traditional sectors like textiles to cutting-edge industries such as electronics. Tamil Nadu is recognized as a highly favourable Global Direct Investment Destination, and this status is attributed to its strength in diverse sectors.

Automobile Industry

In the automobile industry, Tamil Nadu’s industrial diversity shines, catering to both local and global markets with established giants and emerging players. The state’s auto industry operates at a rapid pace, producing vehicles for 170 nations, positioning Tamil Nadu among the top 10 global automobile hubs and the leader in tyre manufacturing in India. Furthermore, Tamil Nadu is at the forefront of the electric vehicle revolution, contributing significantly to sustainable mobility globally.

Textile Industry

The textile industry in Tamil Nadu seamlessly transitions from traditional to technical fabrics, making advancements in medical textiles, aerospace materials, and high-performance applications. The state remains a textile powerhouse with a strong focus on innovation, sustainability, and responsible practices.

Footwear Industry

In the footwear industry, Tamil Nadu excels, dominating 45% of India’s leather footwear exports. The state is not only a leader in crafting premium leather shoes but also a pioneer in non-leather footwear for everyday comfort and durability, attracting global giants like NIKE and Crocs.

Electronics Industry

Tamil Nadu’s supremacy in electronics is evident with exports of $5.37 billion in FY 22- 23, accounting for more than 40% of India’s total. The state’s ambitious push into semiconductors aims not only to export but to shape the future of this critical technology, contributing to innovation, high-skilled jobs, and India’s economic growth.

Shifting to heavy engineering, Tamil Nadu ranks second in machinery and heavy engineering exports, driving 16% of India’s total output in FY 22-23. The state’s expertise in renewable energy solutions and green manufacturing practices solidifies its foundation for economic growth.

Green Energy

Tamil Nadu leads in the green energy revolution, with a niche industrial ecosystem focused on solar and wind energy component manufacturing. The state is actively laying the foundation to become a green hydrogen manufacturing hub, poised to generate clean energy for both domestic needs and export.

Aerospace & Defence Industry

In the aerospace and defense sector, Tamil Nadu stands out as a powerhouse, contributing to space exploration and manufacturing critical components for global leaders like GE, Boeing and Rolls Royce.

Agro and Food Processing Industry

The agro and food processing industry transforms rural communities by adding value to crops through innovative processing techniques, generating better income and resilience. With approximately 24,000 SMEs and 1,100 medium and large units engaged in this industry, the state capitalises on its competitive edge: abundant agricultural resources, increasing demand potential, and excellent access to both domestic and international markets.

Investment commitment across various sectors

The TNGIM 2024, held at the Chennai Trade Centre, witnessed,

The proposed investments span various sectors such as electronic goods manufacturing, green energy, non-leather shoes, motor vehicles, electric vehicles, aerospace and defence, data centres, global capability centres, and information technology.

The government, through a statement, highlighted CM Stalin’s vision to transform the state into a thriving economy, targeting $1 trillion by 2030. The event aimed to build on the positive investment climate established in the last two-and-a-half years, showcasing the state’s robust industrial ecosystem and skilled workforce to global investors. Nine partner countries and international partners actively participated in the event.

Key investments came from companies like Tata Power, Sembcorp, Adani Group, Vinfast, Tata Electronics, JSW, Hyundai, TVS, Pegatron, and Saint Gobain. Notable highlights included the launch of the Tamil Nadu Semiconductor and Advanced Electronics Policy 2024, the Public-Private Partnership Policy, and the release of ‘The Roadmap to schieve a $1 Trillion Economy by 2030’ by CM Stalin.

The event also saw the launch of the TANFUND portal, a startup funding platform connecting Tamil Nadu-based startups with global funds. The Startup TN Arena featured stalls by startups from different sectors, with some funded by the state government. The robust MSME ecosystem powers Tamil Nadu’s economy with innovation and energy across diverse sectors.

Panel discussions and fireside chats involved over 150 industry veterans, covering diverse topics related to the industrial and economic landscape of Tamil Nadu. The meet drew the participation of CEOs from global companies, investors from various nations, ambassadors, consul generals, and students from various colleges, totalling more than 20,000 participants over the two days.

TNGIM 2024 was not just a conference; it marked a seismic shift for Tamil Nadu with a record-breaking ₹6.64 lakh crore in investments. This financial achievement is more than a number; it symbolizes progress orchestrated by industry giants, shaping a future powered by clean energy and innovation. As the curtain closes on TNGIM 2024, the applause has only just begun, signifying a bright future for Tamil Nadu.