Daicel Safety Systems is set to expand its unit near Chennai to manufacture airbag inflators.
A memorandum of understanding was signed between Guidance Tamil Nadu, the investment promotion agency of the State government, and Daicel at Osaka in Japan on Friday. Chief Minister M.K. Stalin and Daicel Safety Systems Director Ken Bando were present at the event.
During his speech at a conference of senior officials of about 80 Japanese companies, organised jointly with Japan External Trade Organisation, Mr. Stalin said five Japanese companies had signed MoUs for ₹5,596 crore in investments that would provide employment to about 4,200 people.
Previous visit in 2008
Recalling his visit to Japan in 2008, he said Tamil Nadu had sought Japan’s help in metro rail and Hogenakkal Integrated Drinking Water Project, and it did not let the State down. He also invited industrialists to the Global Investors Meet scheduled in Chennai for January next.
“The ties between the two countries [India and Japan] has been strengthening in the recent times. The number of Japanese companies entering Indian market has been on the rise. Tamil Nadu continues to be the State favourable to Japanese investments,” Mr. Stalin said.
The Chief Minister also pointed out that several Japanese companies had already set up their units in Tamil Nadu and three of the 12 Japan Industrial Townships in India were situated in Tamil Nadu. The Tamil Nadu government was setting up exclusive parks for medical devices, food processing, e-vehicles, electronics, textiles and footwear, he said, inviting investments in these sectors too.
Pointing out that Japanese companies were in general investing in manufacturing, Mr. Stalin called upon them to expand their areas of interest. The Tamil Nadu government was welcoming investors with the red carpet, he said. Industries Minister T.R.B. Rajaa and senior officials of the State government were present at the conference.
