Tamil Nadu open to sovereign wealth fund investments: Deputy CM

Deputy chief minister O Panneerselvam on Saturday urged the members of the United Economic Forum (UEF) chamber of commerce and the World Islamic Economic Forum (WIEF) to invest in Tamil Nadu.

Speaking at the opening ceremony of WIEF-UEF round-table 2018 here, Panneerselvam said both the UEF and WIEF were working closely on attracting more investments to Tamil Nadu.

He said it was commendable that they have set a target of attracting one per cent of all sovereign wealth fund investments into the State. This would amount to USD 33 billion, he said, adding that such investments would immensely benefit the State and society at large.

Observing that if any State was ready to receive investments of such a large volume, it was Tamil Nadu, Panneerselvam said the State Government has already identified over 200 infrastructure projects requiring investment of about USD 250 billion.

Noting that Tamil Nadu and Malaysia have strong economic and commercial relations, he said: “I am sure the strong relationship between Tami Nadu and Malaysia would be strengthened further in the days to come. Over the last twenty-five years, TN has grown and developed to become the 2nd largest State economy in India. Tamil Nadu is also known for its strong governance.”

The TN government has notified the Business Facilitation Act for further improving the ease of doing business. Statutory time limits have been fixed for granting approvals with a provision. State and district level single window committees have been constituted with statutory powers, he said.

The State has established the Tamil Nadu Infrastructure Fund (TNIF), which is the first category-I alternative investment fund established by any State government, under SEBI regulations.

“We have also received SEBI approval to launch the Tamil Nadu Shelter Fund for investment in affordable housing. It is a social impact fund to provide investors with profit alongside achieving social and environmental benefits.”

“The funds are professionally managed with the Tamil Nadu Infrastructure Fund Management Company (TNIFMC) as the fund manager. The first round of funding has been raised from both local and international investors,” Panneerselvam added.

He said the government, as a promoter, has ensured in-built checks and balances, to ensure independence of decision making, and alignment of interests of the management team with the fund’s success.