Tamil Nadu Government Secures Major Investments in the USA

The Tamil Nadu government signed MoUs with major companies such as Microchip, Nokia, and PayPal to establish R&D and product development centers in Chennai and Coimbatore. These initiatives are part of an ambitious goal to transform the state into a USD one trillion economy by 2030 and are expected to generate over 3,300 jobs.

The Tamil Nadu government has finalized multiple agreements with notable companies, including Microchip, Nokia, and PayPal, to spur economic growth in the state. These agreements were signed during Chief Minister M K Stalin's visit to the USA.

Guidance TN signed a significant MoU with Microchip, represented by Patrick Johnson and Bruce Weyer, for establishing an R&D Center in semiconductor technology at Semmancherry, Chennai. This project will cost around Rs 250 crore and is expected to create 1,500 jobs, according to an official release on Friday.

In pursuing the goal to transform Tamil Nadu into a USD one trillion economy by 2030, Stalin met with potential investors in San Francisco. Among the MoUs signed, Applied Materials will set up an Advanced AI-Enabled Technology Development Centre for Semiconductor Manufacturing in Taramani, Chennai, generating 500 jobs. Yield Engineering Systems will establish a product development and manufacturing facility for semiconductor equipment in Sulur, Coimbatore, at the cost of Rs 150 crore, creating 300 jobs. PayPal's MoU focuses on creating an Advanced Development Centre in Chennai, generating 1,000 jobs.

The Chief Minister will also address the Tamil community on August 31, and meet US-based company representatives in Chicago on September 2 to discuss further investments. He is scheduled to meet several CEOs of Fortune 500 companies and will return to Chennai on September 14.

(With inputs from agencies.)