TN special group to attract foreign industries post COVID-19

Tamil Nadu Chief Minister K. Palaniswami on Thursday said a group under the head of Chief Secretary has been formed to attract investments from several countries that are planning to spread out their operations post COVID-19.

In a statement issued here, Palaniswami said post COVID-19 pandemic industries from countries like Japan, South Korea, Singapore, Taiwan and the US are planning to move out their operations from some countries.

He said many overseas industrial groups owing to the impact of coronavirus have decided to spread out their operations to countries like India.

Palaniswami said particularly investors from countries like Japan, Taiwan, South Korea, Singapore and the US who have invested sizeable sums in Tamil Nadu are looking at India to set up their operations.

In order to target foreign companies that have invested in Tamil Nadu a special group has been formed that includes representatives of the industrial bodies from the above countries/industries and others under the leadership of Chief Secretary.

The group will submit its first report containing the measures to be taken to attract investments in a month to Palaniswami.

Though the statement is silent on the country/countries wherefrom industries are likely to spread out, many multi-national companies are looking at exiting China.