The Tamil Nadu Government is planning to organise the second Global Investors Meet (GIM) in 2018 with Rs. 3 lakh crore as the figure of investments sought from across the world, the State Industries Minister, M.C. Sampath said on Friday.

Addressing a stakeholder meeting on “Business Facilitation Act and Rules 2017′ proposed by the Government, Sampath said that the last GIM received an investment of Rs.72,000 generating 60,000 jobs.

Stating that 2018 GIM has a target of Rs. 3 lakh crore of investment, he said as per the 2023 vision of late Chief Minister Jayalalithaa, the State has to attract an investment of Rs.15 lakh crore. “At least 14 foreign companies have evinced keen interest to set up industries in the proposed Aerospace Park in 270 acres of land near Sriperumpudur near Chennai,” he said.

The companies will invest Rs.50 crore each for the units, he said, adding that the Government will also establish a Rs.150 crore R&D facility there.

Stating that Tamil Nadu is one of the front runners in promoting industrialization in India much before the states of Gujarat, Maharashtra and Haryana, he said that State is considered best suited for investments due to favourable conditions including Conducive Business Environment, Skilled Manpower, surplus power.

On the Act, he said it facilitates industry members to integrate the clearances required from about 15 individual departments completely online, with time limits for clearances and a system of deemed approval for delayed clearances.

“This act will certainly be a boon to the State of Tamil Nadu to effectively compete with other states from the country including Telangana, Gujarat and Andhra Pradesh in garnering investments to the State,” Sampath said. Highlighting major projects being implemented in the region, Municipal Administration Minister S.P. Velumani urged Sampath to promote investments in the Western part of Tamil Nadu and consider it as the focus region in the forthcoming Global Investors Meet.

He further expressed that a supporting bureau like the Guidance Bureau was institutionalised for the first time in the state of Tamil Nadu much before other states in the country, primarily for promoting industrialization. He said projects like Integrated Bus Stand, Land Acquisition for Airport Expansion, Avinashi Road Flyover, Gandhipuram Flyover and Western Bypass are being considered and Government is working towards implementing these projects at the earliest. “The Government is closely working on the Metro Rail project for the city of Coimbatore along with the Japanese Government in preparing a detailed project report,” he said.

Rural Industries Minister P. Benjamin said MSME and rural industries sector was providing employment to about 70 million people at the national level. “With the implementation of the Business Facilitation Act entrepreneurs and SME enterprises will certainly benefit and along with the support of the Ministry through its District Industry Centres, the State will attain its stated objectives as mentioned in the Vision 2023 document,” he said.

Confederation of Indian Industry along with TN Guidance and Export Promotion Bureau Tamil Nadu Government organised the Stakeholder Meeting to seek suggestions and inputs towards the implementation of the draft Business Facilitation Act and Rules 2017.

The Ministers assured to take on war footing the demands from the industry captains for expanding the city airport and more international flight.