TN govt achieves 77 per cent conversion rate on MoUs: Minister Rajaa

Chennai, Aug 20 (PTI) Over 77 per cent of the Memorandum of Understanding (MoUs) signed with various multi-nationals since 2021 have been successfully converted into tangible projects, State Minister TRB Rajaa said here on Wednesday.

The Industries Minister also said nearly 80 per cent of the 631 pacts from the Global Investors Meet held in January 2024 have been "grounded" and are "progressing well." Rajaa further said Chief Minister M K Stalin is scheduled to visit Germany and the UK in September to attract more investments to the state.

Briefing reporters, the DMK leader said the government achieved over 77 per cent conversion rate on all the MoUs that were signed since 2021 with various companies.

The ruling DMK government assumed office on May 7, 2021.

"We have hit a record. We have achieved more than 77 per cent of conversion rate on all the investment MoUs that were signed since 2021, up from the 72 per cent declared earlier in the assembly session. This is the highest conversion rate Tamil Nadu has ever seen. No other State has reached such a target," he said.

Conversion rate refers to the process in which companies conduct groundbreaking ceremonies, commence construction activities and later begin commercial production at a factory post signing of an MoU with the State government.

To a query, he said the total value of the investments committed by the companies in Tamil Nadu since 2021 was in the range of about Rs 10.32 lakh crore.

During the three-day conference held in January 2024, Tamil Nadu received investment proposals to the tune of Rs 6.64 lakh crore from several companies, which would see creation of 26 lakh jobs in the state.

According to Rajaa, a global conference of TN Rising Europe has been planned and it would witness the participation of the Chief Minister later next month. "We are also preparing for the big international edition of TN Rising Europe with Chief Minister leading the delegation to Germany and the UK." Aimed at attracting investments to the State, the DMK government conducted a region-specific maiden edition of TN Rising Investors Conclave in Tuticorin on August 4. During this event, the government signed 41 MoUs with various companies, which committed investments worth Rs 32,553.85 crore. The MoUs would generate 49,845 jobs in the State.

Taking cognisance of the success of the maiden edition, the Minister said two more regional investors conclaves under TN Rising have been planned, and they would be held in Hosur and Coimbatore.

"We are not slowing down, in fact shifting gears to move faster. Following the resounding success in Tuticorin, two more TN Rising Regional Investor conclaves have been confirmed. Hosur and later in Coimbatore," he said.

A zonal-wise TN Rising conference was also planned to be conducted in future, he added. PTI VIJ ROH