Tamil Nadu’s Global Investor Meet 2015
On 8th September 2015, the prelude to the GIM 2015 was a cocktail dinner reception hosted by USIBC, IACC and AMCHAM at the Taj Coromandel. This was attended by the USIBC executive delegation led by Ms. Dianne Farrell, Vice President, USIBC, members of AmCham, IACC members, select diplomats from the U.S. Consulate led by Consul General Philip Min and Tamil Nadu government officials. The event was a great networking opportunity. Ms. Dianne Farell welcomed all guests and Consul General Philip Min said that Tamil Nadu has a very favorable investment climate to do business and that it is exciting times for the business community. Several AmCham members participated as well as bureaucrats from the state government, Consulate officers and other prominent city based business leaders.
On 9th September, Chief Minister J. Jayalalithaa inaugurated the Investor Meet saying: “Our government is committed to making Tamil Nadu a new growth model among Indian states. I invite you all to be our partners in realizing my vision of making Tamil Nadu the numero uno among Indian states in all spheres of development.” This is for the first time that the state hosted a large investor meet.The U.S.-India Business Council (USIBC), an official partner organization, led an executive delegation to the Tamil Nadu Global Investors Meet 2015. The delegation includes senior representatives from member companies including Amway, NCR Corporation, Uber, PayPal, SunEdison, Ford, IBM and General Electric.
Ms. Diane Farrell, Executive Vice President of USIBC having long supported Tamil Nadu’s pro-business environment and this will be the first time Tamil Nadu has held a large-scale conclave to attract global investors as part of the ‘competitive federalism’ efforts that India is undertaking. The summit aims to help realise the state’s vision of inclusive growth through foreign direct investment, job growth, and balanced regional development.The delegates met with key representatives from the Indian industry, Government of Tamil Nadu and the U.S. Consulate in Chennai from 8th – 10th September 2015.
With over 250 US companies across several industry sectors already investing in Tamil Nadu, the Investors Meet was an opportunity to highlight the business-friendly approach undertaken by the state. Farrell added. “This Investors Meet will serve as an excellent opportunity for USIBC member companies interested in a wide range of sectors including aerospace, agriculture, infrastructure, informational technology, and renewable energy.”
During the two-day summit, the Tamil Nadu government attracted investments worth Rs 2, 42,160 crores. Around 5,000 delegates from across the world attended with nine partner countries. State government officials said these investments would translate to around 150,000 jobs over the next three years. About 100 MoUs were signed over the two days. Union Minister of State for Commerce and Industry, Ms. Nirmala Sitharaman and Minister of State for Road Transport, Highways and Shipping, Mr. Pon Radhakrishnan presided over the event.
The participating AmCham member companies that made announcements of their decision to invest in the state are listed below:
|S. No||Company||Investment in / Product||Amount in Rs. crore||New Jobs created|
|1||Amway||Expansion project of their existing plant manufacturing nutritional supplements.||250||NA|
|2||NCR||Augment its manufacturing capacity at the Mahindra World City SEZ near Chennai to manufacture ATM’s and CD’s
|3||Sun Edison||Solar Power projects across several locations in the state||12,000||2,000|
|4||Cognizant||Development Center in Kancheepuram District near Chennai||1,000||20,000|
|5||Sutherland||Development Center near Chennai||300||8,000|
|8||HP||Education, Health care||NA||NA|
|9||Intel||Education, Health care||NA||NA|
Some of the AmCham business leaders who addressed the participants were Mr. N. Lakshmi Narayan, Vice Chairman, Cognizant, Mr. Michael Boneham representing Ford, Mr. Rajat Banerji of Amway, Mr. R. Chandrasekhar of Cognizant, Mr. Pashupathy Gopalan, President of Sun Edison, Mr. David L. Schoch, Group Vice President and President of Asia Pacific at Ford Motor Co., Mr. Nigel Harris, President and Managing Director, Ford India and Mr. Navroze Dastur, Managing Director, NCR India.
New sectors that attracted attention during the Tamil Nadu GIM 2015 were the aero sector, renewable energy and food processing. The traditional sectors of auto components, thermal power, ports, chemicals, agriculture, automotive tyres, car manufacturing, two wheeler manufacturing, pharmaceuticals and energy have also attracted huge investment intentions.