Tamil Nadu Government writes to 11 global auto giants including Tesla to seek investments into state

Tamil Nadu is already a home to multinational automobile companies such as Hyundai, Ford, Peugeot, BMW, Daimler and Renault-Nissan, among others. This is the third in a series of letters to global business tycoons personally by Palaniswami, inviting them to invest in the state in the post Covid-19 regime, as companies are planning to relocate supply chain infrastructure from some of the overseas countries.

By:Updated: Jun 05, 2020 11:40 AM

The Tamil Nadu government has directly reached out to eleven top global automobile sector honchos, soliciting their investments into the state. Chief minister Edappadi K Palaniswami has written to eleven global heads of prominent companies in the automobile sector, including Volkswagen CEO Herbert Diess, Skoda CEO Bernhard Maier, Mercedes-Benz chairman Ola Kallenius, Audi CEO Markus Duesmann, Honda president Takahiro Hachigo, Toyata president Akio Toyoda, BMW chairman Oliver Zipre, Luxgen Taoyuan Motor CEO Hu Kai-Chang, Jaguar Land Rover CEO Ralph D Speth, General Motors and Chevrolet chairman and CEO Mary T Barra and Tesla CEO Elon Musk. Tamil Nadu is already a home to multinational automobile companies such as Hyundai, Ford, Peugeot, BMW, Daimler and Renault-Nissan, among others. This is the third in a series of letters to global business tycoons personally by Palaniswami, inviting them to invest in the state in the post Covid-19 regime, as companies are planning to relocate supply chain infrastructure from some of the overseas countries.

Last week, he wrote to global heads in the electronic, aerospace and defence technology sectors. In the electronic sector, he has written to business tycoons, including Apple CEO Tim Cook, Samsung president and CEO Kim Hyun Suk, Amazon CEO Jeff Bezos and HP president and CEO Enrique Lores. He had also written letters to the chief executives of aerospace and defence technology global majors, including Gegory J Hayes, CEO of United Technologies, which had recently changed its name to Raytheon Technologies; H Lawrence Culp, Jr, chairman and CEO, of GE; David L Calhoun, president and CEO, The Boeing Company; Marillyn A Hewson, chairman, president and CEO of Lockheed Martin; Philippe Petitcolin, CEO and director, Safran; Warren East, chief executive of Rolls Royce; Guillaume Faury, CEO of Airbus; Alessandro Profumo, CEO of Leonardo and Darius Adamczyk, chairman and CEO of Honeywell International.

The letters outline the investment attractiveness and inherent advantages of Tamil Nadu and seeks to offer excellent support for business and industry to further their growth and promises a customised incentive package as per their requirement, said an official communication by Tamil Nadu government. Tamil Nadu has taken several steps for attracting foreign investments into the state . This included creation of country specific investment facilitation desks, diplomatic outreach programmes and constitution of a special task force for investment promotion.

Due to the impact caused by Covid-19 to the world economy, many overseas industries are likely to exit from certain countries and relocate their manufacturing activities to countries like India.  The chief minister has constituted a special Investment Promotion Task Force under the chairmanship of chief secretary for attracting these investments. The positive steps taken by the government is already showing results as evidenced by the fact that the state could recently sign MoUs for 17 foreign investments worth `15,128 crore. This shows that Tamil Nadu is the best destination for investment even during this pandemic situation, it said.

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