The Hindu Business Line : ‘SE Asian nations keen on investments from TN’

Madurai, Oct. 8 The first-ever trade delegation from Tamil Nadu to South East Asian Countries of Indonesia, the Philippines, Vietnam and Malaysia has returned after “a successful and fruitful visit.”

A 16-member trade delegation from Tamilnadu Chamber of Commerce and Industry led by its President, Mr S. Rethinavelu, had visited the South East Asian Countries between September 15 and 27, to explore the potential for bilateral trade and joint ventures.

Fruitful visit

Lack of enlightenment on the opportunities available in the countries visited, had all along been the main reason for the abysmal growth of Exim trade between India and those countries, and the visit has brought out the latent and immense opportunities existing in multi-various sectors, according to Mr Rethinavelu.

“In fact, the delegation has returned with very fruitful negotiations of mutual benefit that are on the verge of near completion. Members of the delegation, though belonging to the SME sector, have been invited to open manufacturing units with lot of promise of support in terms of subsidies, incentives and concessions. The delegation has signed 17 memorandum of understanding (MoUs) with leading Chambers of Commerce in those countries,” he told Business Line.

Country-wise potential

He said that Indonesia, which allows 100 per cent repatriation of profits, is eager to attract investments in agriculture and food-based industries. Small-scale industries are invited for manufacture of even student note-books.

In the Philippines, there is good potential for joint ventures in information technology, pharmaceuticals, medical equipment, packed foods, tourism and hotel industries.

Vietnam invites investments in agro-based industries, tyres and tubes, pharmaceuticals, plastic, steel and steel products, IT, metals, commercial vehicles and automobile ancillaries, plant and machinery for various industries such as sugar, food-processing, textile machinery, agro-chemicals and marble industries.

Malaysia, which is already a leading investor in the country, is keen to make investments in industrial and infrastructure projects, especially in Tamil Nadu and is looking for reliable Indian partners. The industry-friendly rule and the congenial atmosphere existing in Tamil Nadu for investment were explained to them, Mr Rethinavelu said.

The Malaysian Public Works Minister, Mr Duththosri Doctor S. Samy Velu, has assured to take necessary steps for the introduction of air service between Madurai and Kuala Lumpur.

Contracts’ completion

Speaking on contracts that are nearing completion, Mr Rethinavelu mentioned about export of inputs for perfume industry to Vietnam, underground cables to all the countries, export of polythene bags to Vietnam and Malaysia, setting up of an industry for recycling of plastic waste in Malaysia, export of mirror value addition for building and automobile industries in Vietnam, setting up of industries based on medical herbs and rice bran oil in Malaysia and on imports, glass from Vietnam, wood and processed wood from Indonesia and the Philippines, and copper and steel scraps from Malaysia.

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