The government of Tamil Nadu will soon be announcing a defence and aerospace policy to attract national and international companies to set up their base in the aerospace park in Sriperumbudur (Chennai) in an area of around 250 acres( expandable to 700 acres).
The government of Tamil Nadu will soon be announcing a defence and aerospace policy to attract national and international companies to set up their base in the aerospace park in Sriperumbudur (Chennai) in an area of around 250 acres( expandable to 700 acres). Talking to FE, Tamil Nadu industries minister MC Sampath said, “Aerospace is one of the sectors identified as a growth area and Tier I, Tier II and Tier III companies will set their facilities.”
“With the objective of creating an integrated ecosystem for aerospace industry development covering design, engineering, manufacturing, servicing and maintenance of aircraft for civil and defence sector, Tamil Nadu Industries Development Corporation (TIDCO) established an aerospace components’ manufacturing park,” explained K Gnanadesikan, additional chief secretary, industries department, Tamil Nadu.
According to him, “TIDCO has invested in the Advanced Computing and Design Engineering Centre where aerospace companies are expected to take advantage of the facilities provided under one roof.” The aerospace park will have several facilities including technology and IT services, avionics, assembly and maintenance facilities and training and R&D. So far, several European aerospace and defence companies have started operating out of Tamil Nadu, he added.
State government representatives were in the capital city to launch their investment promotion campaign in New Delhi for the two-day ‘Global Investors Meet 2019’ from January 23 next year in the city. The state was recently ranked second in terms of investment potential by National Council for Applied Economic Research (NCAER).
In his inaugural address at the road show, Sampath said, “We wish to showcase the manufacturing prowess and competitive strengths of Tamil Nadu and various investment opportunities to investors here”. “Tamil Nadu is recognised globally as a favoured investment destination with strong potential for manufacturing. The state has emerged as the largest hub for the production of automobiles and auto components, electronics hardware, engineering, textiles, leather, etc,” he said.
According to him, “Tamil Nadu is one of the top states in attracting foreign direct investment (FDI). At present, over 3,000 foreign companies including joint ventures have invested in Tamil Nadu. This includes 61 Fortune 500 companies which have established their base in the state.” Outlining the proactive measures initiated by his government to support investors, he said, “Our government offers an attractive package to investors. This includes land allotment in our industrial parks and special economic zones, good infrastructure support like electricity, water, waste disposal, etc apart from an attractive package of fiscal incentives. Our single-window facilitation online portal will enable investors to get all statutory approvals within 30 days.”
The minister told FE that next week a team will visit China and Singapore, followed by several road shows across the globe in countries including the UK, France, South Korea, Japan and the last leg in the US in November. The state government had earlier organised the first edition of a Global Investors Meet (GIM) in September 2015. Over 6,500 delegates including about 1,600 foreign delegates attended this. Also, a memorandum of understanding (MoU) with 98 major investors with an investment of over $36 billion was inked.
Gnanadesikan said that for GIM 2019, the state is focusing on sectors with good investment potential such as textiles and apparels, pharmaceuticals and biotech, agro and food processing, aerospace and defence, automobiles and auto components, renewable energy, infrastructure, heavy engineering, chemicals and petrochemicals, electronics hardware, and IT and ITES.