Tamil Nadu will soon come up with a defence and aerospace policy that will include incentives to attract aerospace entrepreneurs to the State.
The defence and aerospace policy is expected to go to the Tamil Nadu Cabinet for approval soon. “After automobiles, we now see aerospace as the next growth area,” Tamil Nadu Industries Minister MC Sampath said.
Road shows abroad
To showcase Tamil Nadu as a mature industrial ecosystem with potential for good investment returns, Sampath will lead delegations to various developed countries including the US, the UK, China, Japan and South Korea. This will be done as part of international roadshows for the upcoming ‘Global Investors Meet 2019’ (GIM) to be held in Chennai on January 23-24. The entire effort will be to highlight the manufacturing prowess and competitive strength of Tamil Nadu and various investment opportunities available to investors, Sampath told
Sampath was in the Capital as part of the roadshows within the country for the GIM, which will be the second edition after the first one was held in September 2015.
Focus countries
For the upcoming GIM, the delegation led by Sampath will not only focus on countries already having a good presence in Tamil Nadu, but also those interested in coming to the State, said K Gnanadesikan, Additional Chief Secretary – Industries
Sampath will lead a delegation to China and Singapore from September 16 to 22. This will be followed by a visit to the UK (London) and France from October 1 to 6. The visit to South Korea and Japan will be from October 13-22 and the last leg of international road show will be to the US from October 29 to November 4.
‘Sector agnostic’
Tamil Nadu wants to be “sector agnostic” in attracting investments in the upcoming GIM.
Sampath highlighted that Tamil Nadu was recently ranked second in terms of investment potential by National Council for Applied Economic Research (NCAER).
He said Tamil Nadu has emerged as the largest hub for the production of automobiles and auto components, electronics hardware, engineering, textiles, leather etc. Stating that Tamil Nadu is one of the top States in attracting foreign direct investment (FDI), Sampath said that over 3,000 foreign companies, including joint ventures, have invested in the State. This includes 61 Fortune 500 companies which have established their base in the State, he added.
Online portal
M Ponnuswamy Chairman, CII Tamil Nadu State Council, said, “Tamil Nadu has enacted the Business Facilitation Act, which enables investors to get 11 approvals through an online single-window portal. This single window facilitation online portal will enable investors to get all statutory approvals within 30 days.”
A separate portal for Micro, Small and Medium Enterprises has also been created. “Both are working very well and it makes Tamil Nadu one of the best investment destinations,” Ponnuswamy said.