Stalin urges Japanese firms to diversify investments in TN

Chennai: Chief minister MK Stalin on Friday urged companies from Japan, which have so far concentrated on the manufacturing sector, to diversify their investment in Tamil Nadu into industrial infrastructure development and research and development (R&D).

Stalin is in Osaka as part of his two-nation tour of Singapore and Japan to attract more investments to Tamil Nadu and invite leaders of firms for a global investors’ meet in Chennai to be held in January 2024. He arrived in Japan on Thursday night.

In Osaka, Stalin signed a memorandum of understanding (MoU) with Daicel Safety Systems for the expansion of Daicel’s automobile airbag inflator plant in Tamil Nadu’s Chengalpattu district, said a statement from the state government.

On May 24 and 25, he signed six MoUs with Singapore-based companies.

“In the city of Osaka, I’ve highlighted the longstanding ties between Tamil Nadu and Japan and the areas of opportunity to boost them further,” Stalin said.

Later in the day, speaking at the ‘Investors’ First Port of Call’ in Osaka, he recalled his visit to Tokyo in 2008 to seek financial assistance from Japan. “Be it Chennai Metro or the Hogenakkal Combined Water Supply Scheme, Japan has always lent support to Tamil Nadu when we needed them,” the chief minister said. “Economic relations between India and Japan have seen a tremendous swing in recent times. And within India, Tamil Nadu is the leading state for Japanese investments,” Stalin said.

The event was attended by Nikhilesh Chandra Giri, consul-general of India to Osaka, about 80 Japanese companies and the Japan External Trade Organisation (JETRO). Officials of the Tamil Nadu industries department and minister TRB Rajaa spoke to Japanese industry leaders about the southern state’s industrial capabilities, said the statement.

Stalin reiterated that his government has set a target of becoming a one-trillion dollar economy by 2030. As part of the efforts, Stalin said, he is touring Singapore and Japan to bring in more investments in the first phase.