Chennai, As Tamil Nadu hosts its Global Investors Meet (GIM) ahead of the Vibrant Gujarat summit, the state has secured a significant boost with a $2 billion investment commitment from Vietnam’s VinFast Auto. The investment comes amid speculations of Tesla considering Gujarat for a manufacturing plant.
Despite initial concerns over weather conditions, the summit in Nandambakkam witnessed a packed hall of delegates and business leaders. Tamil Nadu Chief Minister MK Stalin, breaking from his usual all-white attire, donned a suit for the occasion, expressing optimism with the words, “It rained in Chennai this morning, and I believe that investments will also rain.”
Tamil Nadu faces tough competition from states like Gujarat, Karnataka, Telangana, Uttar Pradesh, and Maharashtra in attracting industries and investments. The GIM is strategically timed before the Vibrant Gujarat summit, and both states are vying for major investments in the automotive sector, including the possible establishment of Tesla’s electric vehicle (EV) plant.
In a surprising move, Tamil Nadu has successfully lured VinFast Auto Ltd, a Vietnam-based multinational automotive company, with a commitment of Rs 16,000 crore for an integrated EV facility in Tuticorin. This comes as a strategic win for Tamil Nadu, countering reports of Tesla’s potential interest in Gujarat.
The GIM also saw Ola Electric announcing plans for a new EV hub in Krishnagiri district, with potential employment for 25,000 workers at full capacity.
Union Minister for Commerce and Industry, Piyush Goyal, commended Stalin’s vision to turn Tamil Nadu into a $1 trillion economy by 2030, emphasizing the strength of India lying in its states.
The summit, adorned with beautifications across Chennai, featured Stalin unveiling the state’s roadmap for economic growth and a specific focus on the ‘Semiconductor and Advanced Electronics Policy.’ The GIM is expected to draw over 40,000 participants, including 450 international delegates from 50 countries.
