Tamil Nadu recently signed 24 Memoranda of Understanding (MoUs) worth ₹2,120 crore that would generate employment for 41,695 at the Tamil Nadu Exports Conclave.
On behalf of the industries department, 14 MoUs were signed with export oriented units with a cumulative investment of ₹1,880 crore, creating employment opportunities for 39,150 persons. Another ten MoUs were signed on behalf of the MSME department with a cumulative investment of ₹240 crore to provide employment opportunities for 2,545 persons, says a government press release.
The investments were in various sectors, including textiles, chemicals, IT/ITeS, steel, leather and apparels.
The MoUs signed by the Industries Department includes Ramaraju Surgical Cotton Mills’ investment of ₹425 crore in Gangaikondan (Tirunelveli) and Kanam Latex’s investment of ₹310 crore in AMRL SEZ in Tirunelveli, the release said.
Among the MoUs signed by the MSME department include Precision Machine and Auto Components’ ₹50 crore investment in Tiruvallur and SVN EXport’s ₹40 crore investment in Thanjavur.
Chief Minister MK Stalin presided over the event, in which the State’s Exports Promotion Strategy and MSME Exporters Handbook were released. In addition, first two allotment orders were handed over to the companies that are proposed to come at the Polymer park.
Orders for setting up cotton depots by Cotton Corporation of India (CCI) were also issued for the first time in the State.
Weavers, entrepreneurs, spinning mills and cotton manufacturers, have been requesting the State government to abolish the 1 per cent market cess on cotton and cotton wastes. Due to this, the impact on the prices of the cotton brought from other States was high and organisations like CCI were reluctant to set up their warehouses in the State.
With Stalin recently announcing the cancellation of the 1 per cent market cess in the Assembly, CCI has come forward to set up their depots in the State. “We have given to the State government our requirements and places to set up the depots. Once they get back, we will start the work,” a senior official of CCI told BusinessLine.
The MSME Trade and Investment Promotion Bureau has entered in to an MoU with Flipkart-Walmart to promote e-commerce among MSMEs in the State through a supplier developer program to expand their capabilities through intensive training and advisory support. It will also equip MSMEs to scale up their businesses and make them to become part of domestic and global supply chains, the release said.
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