Pact signed for Chennai-Bengaluru Industrial Corridor, TN invites investments

The Tamil Nadu Industrial Development Corporation (TIDCO) and the National Industrial Corridor Development and Implementation Trust (NICDIT) have joined hands to develop the Ponneri Node of the Chennai-Bengaluru Industrial Corridor.

An agreement was signed between them at a diplomatic outreach event inaugurated by Tamil Nadu Chief Minister Edappadi K Palaniswami in Chennai on Friday.

Palaniswami urged foreign envoys to be “bridge builders” in facilitating more investments from their respective countries into Tamil Nadu, even while exploring possibilities of their respective state development funding agencies to invest in infrastructure development here.

“Your good offices should help to cement better ties between us,” Palaniswami said, addressing a group of High Commissioners and Ambassadors at the ‘Diplomatic Outreach’ programme, organised by the External Affairs Ministry and the State government.

The Tamil Nadu government on Friday signed memorandums of understanding with Japan-based Mitsuba Sical, South Korea-based Hanon Automotive Systems and US-based JOGO Health which would launch projects worth Rs 1,254 crore in the state.

Mitsuba Sical will invest Rs 504 crore while Hanon Automotive Systems and JOGO Health will invest Rs 500 crore and Rs 250 crore, respectively.

“A high-level delegation led by me undertook road shows to the US, UK and UAE, attracting investments worth ₹8,835 crore to Tamil Nadu. Several projects have already been inaugurated,” Palaniswami said adding “one such project which I launched today – Jogo Health has increased its investment 16 times more than the actual investment committed by them.’

The CM also laid the foundation stone for Tamil Nadu Polymer Park, a project of TIDCO and SIPCOT on 257 acres of land in Puzhuthivakkam in Tiruvallur district. With an investment of ₹217 crore, the Tamil Nadu Polymer Park is expected to attract investments to the tune of ₹3,000 crore and generate over 7,000 new jobs.

Palaniswami, while appreciating the role of foreign envoys in facilitating investments, identified eco-tourism and medical tourism in particular for great collaborative efforts between their respective countries and Tamil Nadu.