Tamil Nadu attracts over $4 bn investments from US firms

Tamil Nadu has attracted huge investments of more than $4 billion from US firms.

The Dollar Business Bureau

Tamil Nadu has attracted huge investments worth more than $4 billion from US firms in various sectors including automobiles, textiles and pharmaceutical sectors. This was revealed by the Tamil Nadu Industries Minister M C Sampath during a conference hosted by the Indo-American Chamber of Commerce in Chennai on Tuesday.

The minister said that the US and the state of Tamil Nadu share good trade relations. Around 250 US business firms have their presence in this state providing direct employment to over 1.75 lakh people and indirect employment to more than 2.50 lakh people. The state is one among the top three industrial states in India, contributing 11% of the total industrial production in the country.

Stating further he said that Tamil Nadu is an ideal investment destination due to several favourable factors such as sea ports, skilled manpower, competitive costs and pro-active government policies.

According to US Consul General Phillip A Min, both the countries - US and India have come a long way to bilaterally improve ties in various areas. This relationship lays strong emphasis for progress in areas that include defence, disaster management and new technology projects, he said.

Tamil Nadu Industries Department Principal Secretary C V Sankar said, about 60% of automobile manufacturing goods were exported to other countries. A number of public private partnerships were taking place between US and Tamil Nadu in life sciences, water security and pharmaceutical sectors.

India is one of the top 15 suppliers of goods and services to the US with $69-billion worth imports from the country during last year, he added.