TN to attract more FDI with new incentives

Chennai, July 20 (UNI) Tamil Nadu government has planned to attract more Foreign Direct Investment (FDI) to the state with more incentives.

While inagurating the 'Thailand Exhibition 2007' here at Chennai Trade Centre, State Minister for Rural Industries Pongalur N Palanisamy said "the government is now preparing a draft industrial policy 2007, which will make the state more attractive to FDI and as well it will address the issues of industrialist and the entrepreneurs".

He pointed out that due to novel policy decision by the state government, Tamil Nadu was attaining prominence in the industrial map of the world by attracting Rs 12,500 crore FDI business within a short span of one year.

Mr Pananisamy said during the year 2007-2008 Small Industries Development Corporation (SIDCO) was proposing to create new industrial estate in ten places across the state.

"Apart from this, SIDCO also proposes to construct multistorey building in three places near Chennai for industrial units", he said adding "the government had also made it a policy to reserve 20 per cent of extent while forming Industrial Estate for major MNCs and big industries through SIPCOT".

He said the share of Tamil Nadu in the country's export was around 12.2 per cent.

"Tamil Nadu leads in exports of textile, engineering goods, leather and leather goods, ore and mines and marine producs", he said.

The FDI were pouring into the state. With the result, the state has attained second rank next to Maharashtra in the country in attracting FDI'S in large volume, he claimed.

UNI