“I am looking at converting at least 70 per cent of the MoUs that we have done. Nobody does 15-25 per cent,” said Tamil Nadu’s Industries Minister TRB Rajaa. On Tuesday, the State government signed an MoU with the US-based Corning International involving an investment of ₹1,003 crore and will generate employment opportunities for 840 individuals.

At the end of two days of Tamil Nadu Global Investors Meet (GIM) 2024 held on January 7 and 8, Chief Minister MK Stalin announced the State attracted record investments of ₹6.64-lakh crore. More than 26 lakh jobs are expected to be generated from these investments, he said.

Speaking at the inauguration of the two-day Elcina’s 13th Source India - Electronics Supply Chain Summit in Chennai on Tuesday, the minister said, “I am proud that Tamil Nadu is making it a habit of signing MoUs. We signed 631 MoUs on a single day at GIM with an investment potential of ₹6.64 lakh crore. But, that’s not what we are proud of. The Chief Minister has been clear that jobs and the quality of jobs is most important and not the amount of investment,” Rajaa said.

Manufacturing powerhouse

“This time around, Tamil Nadu is going to prove to the world that if you do things right, MoUs can turn in to jobs and quality jobs for those who need it. This will be a decade where Tamil Nadu powers the growth of India. This is the century of India and right in the middle, at the driver’s seat will be Tamil Nadu, the manufacturing powerhouse of India.”

Rajaa said, “We had an excellent time at the World Economic Forum in Davos recently. Many of our friends were signing MoU after MoUs. We don’t believe in that. I don’t know how you can sign an MoU with somebody with whom you just met two hours before signing that. What we do in Tamil Nadu is to make sure that we go in to the depth of the company, the person is capable of what kind of jobs the company is capable of doing. We have done that for GIM.”

High-quality manufacturing is only possible due to a highly quality workforce. This is what the present government will be focussing on. The State government has come up with many policies, including a semiconductor policy. “There is really good news that may come in very soon on the semiconductor front also. We are making ourselves heard around the world,” he said.

The Chief Minister’s dream of a $1 trillion economy can be achieved if the growth is taken to every nook and corner of Tamil Nadu. The State is trying to invigorate the village economy and the local economy. That’s how women are being empowered. “In today’s Cabinet Meeting, we did something for women empowerment, bringing out a new policy soon,” he said. The State government plans to make sure that there is equal growth and equity in growth in Tamil Nadu, he added.

Speaking on the electronics sector, Rajaa said, last year the State exported goods worth $5.37 billion and till December it was $6.6 billion. “We are looking at achieving $8 billion this fiscal, and achieving $15 billion is possible next year at the rate of growth with everything going in and a few more MoUs coming in,” he said.

“Going forward I want to see Made in Tamil Nadu, India in products coming out of the State. This would be proof of quality,” he said.