77% MoUs signed since 2021 converted in investments: TRB Rajaa

CHENNAI: State Industries Minister TRB Rajaa on Wednesday claimed that Tamil Nadu has converted 77 per cent of the MoUs signed since 2021 into investments.

Speaking to media persons at the headquarters of Guidance Tamil Nadu, Rajaa said, “About 77% of the MoUs signed by the state government since 2021 have been converted into actual investments. Historically, no state has achieved the numbers so far.” Adding that the conversion rate from MoUs signed during the Global Investors Meets organised by the State into actual investments during the same period was 80%, the industries minister took pride in announcing that of the 631 MoUs signed during the GIM 2024, about 525 have been realised as investments.

Noting that the estimated value of the investments realised was Rs 10.32 lakh crore, minister Rajaa argued that many consider mere signing of MoUs as conversion or realisation of investment, but the incumbent state government does not do that. “We don’t consider all signed MoUs as realised investments. At least the land must be procured and registered. Next, the clearances required must be obtained. Only at the moment the actual investment takes place, we treat actual investment as conversion (from MoU to investment),” Rajaa explained.

Announcing that the government was planning zonal TN Rising conclaves in Coimbatore and Madurai after the Hosur meet, the industries minister cited the Thoothukudi TN Rising conclave which secured 41 MoUs worth Rs 32,544 crore and generating 49,825 jobs and said the Dravidian model government has ensured diverse growth in many areas in the state since 2021.

CM to leave next weekend

Disclosing that the state has also planned the TN Rising Conclave in Europe, the minister said the chief minister will leave for UK and Germany on a business trip to woo investments. In a post on his ‘X’ handle, Rajaa shared the card of the conclave where he said, “We are also preparing for the big international edition of #TNRisingEurope, with Honourable Chief Minister leading the delegation to Germany and the UK. He will be leaving on the 30th morning 9am and returning on the 8th morning at 8am.”

Stating that the key focus of the visit will be on emerging sectors besides naval engineering and railway engineering, Rajaa said they were particular about the investments generating jobs locally. “We are giving so many incentives and bringing investors to promote development locally. We persuade the investors to recruit locally. We cannot force them. We help them in hiring. We did it in Vinfast in Thoothukudi,” he added.