The DMK government will host its first-ever Global Investors Meet (GIM) 2024 today, amid high expectations of attracting investment commitments surpassing those made at the two meets held during the AIADMK regime.
In 2015, the AIADMK government led by then Chief Minister J. Jayalalithaa hosted an investors meet that attracted investment commitments to the tune of ₹2,42,160 crore through 98 Memoranda of Understanding (MoUs). The second edition of GIM held by the AIADMK government in January 2019, under the leadership of then Chief Minister Edappadi K. Palaniswami, attracted investment commitments to the tune of ₹2,68,296 crore through 304 MoUs.
Many investments promised in GIM 2015 did not materialise. More than 27 projects were dropped and many are still in progress. Firms had also dropped their investments plans after inking deals in GIM 2019. Over 20 projects were dropped and 20 others were put on hold.
Unveiling the logo for GIM 2024 in August 2023, Chief Minister M.K. Stalin said this investors’ meet would attract investments worth several lakh crore rupees, boost employment opportunities, especially for women, and help the State achieve the goal of becoming a $1-trillion economy by 2030.
Since the DMK came to power, Tamil Nadu has attracted 241 proposals with a cumulative investment of ₹2,97,196 crore, ensuring job opportunities for 4,15,282 people. Industries Minister T.R.B. Rajaa, in all his meetings, has been stressing that MoUs inked during GIM 2024 would see a good conversion rate.
He had also said that the policies launched by the DMK government in the last two years had helped bring in more investments.
For GIM 2024, the State government has focused on inclusivity. “The GIM 2024 is all about inclusivity. We have big investors, roped in local MSMEs and start-ups. This GIM will have a transgender speaker too...,” Industries Secretary V. Arun Roy said. Meanwhile on Saturday, MedExpert, a healthcare technology provider said it was establishing its first Global Capability Center (GCC) in India in Chennai in partnership with Zinnov Management Consulting. The High Commission of the Republic of Singapore said that several new MoUs would be signed between Singapore companies and Tamil Nadu.
These MoUs, totalling over SGD 5 billion or over ₹31,000 crore in investments, signal Singapore’s continued interest and confidence to capture new opportunities in the State. CapitaLand has reiterated its growth plans for Chennai with investments to the tune of SGD 500 million.
Singapore’s ST Telemedia Global Data Centres will create additional data centre with a capacity of up to 80 MW over multiple phases over the next eight to ten years across the State. Singapore High Commissioner to India Simon Wong will lead a delegation of officials and 60 business delegates.
The Consulate of France in Pondicherry & Chennai and The Indo-French Chamber of Commerce and Industry (IFCCI), are among the country partners. Lise Talbot Barré, Consul General of France in Pondicherry and Chennai said: “Partnership between France and Tamil Nadu has been getting stronger and a great example is us joining as the country partner for the third time for the GIM. This year, we have an exclusive French Pavilion, showcasing some of the state-of-the-art French innovation...”
