Tamil Nadu is expected to get more benefits, in terms of investment and job creation, from the latest set of memoranda of understanding signed during Chief Minister M.K. Stalin’s recent visit to the United Arab Emirates (UAE) than what it got from the visit of his predecessor Edappadi K. Palaniswami in September 2019.
As happened now, six MoUs were inked two-and-a-half years ago. But the value of investment, envisaged by the present set of MoUs, was ₹6,100 crore as against ₹3,750 crore on the previous occasion. The current initiatives are likely to create 15,100 jobs as against 10,800 jobs under the earlier initiatives.
Enquiries reveal that two out of six firms, which signed the MoUs with the State government in 2019, have invested ₹450 crore. In future, ₹650 crore more may materialise. While the projects proposed by three other companies are said to have been put on hold, there is no word about the fourth.
Officials are, however, hopeful of the present set of MoUs getting fructified fully, besides attracting more investors from the UAE. The reason for their optimism is the Comprehensive Economic Partnership Agreement signed recently between India and the UAE.
