TN CM writes to 5 global firms CEOs seeking investments

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The government started wooing investors by setting up a special investment promotion desk force as early as April 

As part of the government’s bid to convert the crisis fuelled by Covid-19 into an opportunity, Tamil Nadu chief minister Edappadi K Palaniswami has written to five global consumer goods companies inviting them to explore opportunities in the state.

According to Hindu, the letters outline the investment attractiveness and inherent advantages of Tamil Nadu and the facilitation support provided for business and industry to further their growth. It highlighted the state’s “excellent ecosystem” for manufacturing of consumer goods.

The letter has gone to Kate Spade, Fossil Group, Nike, Adidas AG and Mattel Inc. The Chief Minister has written directly to Liz Fraser, CEO of Kate Spade; Kosta Kartsotis, Chairman of Fossil Group; John Donhoe, CEO of Nike; Kasper Rorsted, CEO of Adidas AG and Ynon Kreiz, CEO of Mattel Inc.

The initiative is in the light of moves by many overseas industries to exit from certain countries and relocate their manufacturing activities to countries like India. Tamil Nadu was one of the first few states to grab the opportunity.

The government started its efforts by setting up a special investment promotion desk force as early as April to woo overseas investors. Led by Chief Secretary K Shanmugam, it has representatives from business associations, companies from Japan, South Korea, Taiwan, Singapore, and USA, secretaries of Finance, industries, MSME, guidance bureau as its members.

The initiative started showing results with the state signing MoUs with 17 foreign investments for ₹15,128 crore. The state industries department viewed this as the acceptance of Tamil Nadu by the investors as a realization that Tamil Nadu is the best destination for investment even in this pandemic situation.

Image Credit: The Federal

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