GIM 2024, Stalin to fly Japan to seek more FDIs

CHENNAI: Tamil Nadu Chief Minister M K Stalin will lead a delegation to Japan and Singapore on May 23 to extend the invitation to various industrialists and government officials for the Global Investors Meet (GIM) to be hosted by the state in Chennai on January 10 and 11, 2024.

"My appreciation to the smart work of the industries department in arranging an Memorandum of Understanding (MoU) signing event with a Japanese company as a precursor to my visit," Stalin said on Tuesday at the MoU signing by the Indian arm of Japan's Mitsubishi Electric Corp with the state government for investing Rs 1,891 crore in a new Room Air Conditioner (RAC) and compressor factory near Chennai.

After laying the foundation stone for the new AC production unit of Mitsubishi Electric Corp, the CM said that Tamil Nadu is the second largest economy in the country and the present Dravidian Model government set a target of making Tamil Nadu a one trillion economy state by 2030.

"The investment by Mitsubishi is a major milestone in the march towards reaching the target of one trillion economies, said Stalin, adding that these investments will boost the state's journey towards the target and also create a huge positive impact.

"Tamil Nadu has always been a preferred investment destination, particularly for Japanese investors. Many Japanese companies have established their projects in the state and it is a home to 3 out of the 12 Japan industrial townships as part of the Indo-Japan Investment Promotion Partnership. The largest number of Japanese expats in India are in Tamil Nadu. As a step toward strengthening the relationship between India and Japan, I will be leading a delegation to Japan by May 23 and planning to seek more Foreign Direct Investments to the state," Stalin said.

The AC production unit will be constructed on a 52.4 acre land at origins by Mahindra in Peruvoyal village, Gummidipoondi, Tiruvallur district and this will be the Mitsubishi's first AC production facility in India through a 100 per cent Foreign Direct Investment at a cost of Rs 1,891 crore.

The company commits to employ 60 per cent women in the proposed factories and suitable training and learning and development initiatives

The factory will implement various initiatives for carbon neutrality, including the minimization of carbon dioxide emissions through enhanced thermal insulation, the use of highly efficient air conditioning and heated-water systems and LED lighting.

Furthermore, it will meet sustainable development goals (SDGs) through measures such as reusing wastewater through underground filtration treatment and site greening.

The local production is targeted to start in October 2025 and the initial annual capacity will total up to 300,000 of room air conditioners and by the beginning of December 2025, 650,000 compressors.

Minister for Industries Thangam Thennarasu, Additional Chief Secretary (Industries) S Krishnan, Guidance Tamil Nadu MD V Vishnu, Mitsubishi Electric India MD Kazuhiko Tamura were present on the occasion.