Memoranda of Understanding (MoUs) worth ₹540.96 crore were signed with 117 entrepreneurs to start industrial units in Cuddalore district, at an investors’ meet of Micro, Small and Medium Enterprises (MSMEs).
The MoUs were signed on Saturday, November 25, 2023, in the presence of Minister for Agriculture and Farmers’ Welfare M.R.K. Panneerselvam and Minister for Labour and Skill Development C.V. Ganesan. They are expected to help in creating employment for 3,518 persons.
According to official sources, in the run up to the Global Investors’ Meet 2024 scheduled to be held in Chennai on January 7 and 8, 2024, investments to the tune of ₹546 crore has been targeted in Cuddalore district. According to the administration, so far, investments to the tune of ₹540.96 crore have been identified and memoranda of understanding have been inked.
Speaking on the occasion, Mr. Panneerselvam said the Tamil Nadu government was giving special attention to the development of the MSME sector that contributes greatly to the economic development of Tamil Nadu. The MoUs have been signed for investment in various sectors including cashew processing and food processing. He said the Global Investors Meet was being organised to realise the dream of Chief Minister M. K. Stalin to upgrade the economy of Tamil Nadu to USD one trillion by 2030.
Collector A. Arun Thamburaj said that all government departments concerned were working in tandem to redress various industry-related issues. A single-window system has been activated to deal with industrial houses seeking permission to commence new industrial units, to expand existing units and to avail of subsidies, he said.
