Chennai: Chief Minister J Jayalalithaa on Sunday announced that major Japanese investment would be coming to Tamil Nadu very soon since the State has emerged as a key recipient of Japanese Foreign Direct Investment in recent times.
Inaugurating a super-critical steam turbine and generator manufacturing plant of Toshiba JSW at Manali near here, the CM said, "At present, some large Japanese companies are considering substantial investments in Tamil Nadu. My government will soon sign MoUs (Memorandum of Understanding) with these companies."
Stating that Japanese investors were increasingly looking at Tamil Nadu as an attractive investment destination, Jayalalithaa said their interest mainly lies in the manufacturing sector. Pointing out that Tamil Nadu has been a leading State in this sector, due to the steadfast presence of the automobile and its allied components industry, the CM said the auto sector accounted for about 60 per cent of Japanese FDI in Tamil Nadu. In this connection, she reiterated her confidence that Chennai would emerge as the world’s largest auto cluster.
The CM observed that currently Japan was ranked the fifth largest investor in India with an FDI inflow of $7.18 billion during the period of April 2000 to September 2011. Japanese FDI accounted for 4.8 per cent of India’s total FDI received in those 11 years.
Stating that 1,422 Japanese companies had operational bases in India—286 are in TN, the CM said, "Today, Chennai has the largest number of Japanese company bases accounting for 20.11 per cent of all Japanese company bases in India. Also, Chennai is home to about 700 Japanese expatriates."
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