TN's special task force discusses steps to woo foreign investments

The Special Investment Promotion Task Force set up by the Tamil Nadu government to woo overseas investors met in Chennai on Saturday (May 16) and discussed ways and means to attract investments from companies planning to relocate to India following the impact on the global economy caused by the coronavirus pandemic.

Led by Chief Secretary K Shanmugam, it has representatives from business associations, companies from Japan, South Korea, Taiwan, Singapore, and USA, secretaries of Finance, industries, MSME, guidance bureau as its members.

During the meeting at the Secretariat, Korean auto-major Hyundai Motor India chief executive S S Kim, Tractors and Farm Equipment (TAFE) Ltd Chairman Mallika Srinivasan, IT major ZOHO Chief Sridhar Vembu, representatives from industry body Confederation of Indian Industry took part and offered their views, a press release said.

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The Tamil Nadu government had in April announced the formation of the task force to attract overseas investors who planned to relocate from certain countries post-coronavirus outbreak.

The government had said that due to the adverse impact on the global economy by COVID-19, many industries located overseas are likely to exit from certain nations and relocate their bases to countries like India.