Chennai, Aug 30 (Representative) A total of six MoUs were signed in the presence of Tamil Nadu Chef Minister M.K. Stalin at the Investors meet held at San Francisco in USA. Mr Stalin is on an official visit to the US to attract investments to the State as part of its attaining the goal making TN a USD one trillion dollar economy by 2030. On his first leg of his visit to San Francisco, Mr Stalin participated in the first Investors meet in which MoUs were inked with world’s leading six industrial companies – Nokia, Paypal, Yield Engineering Systems, Microchip Technology, Infinx Healthcare and Applied Materials with an investment of Rs 900 crore, providing employment to 4,100 persons in Chennai, Coimbatore and Madurai. An official release said the state Government has taken various special initiatives to promote industrial growth in the State with the objective of generating large scale employment opportunities for the youth of Tamil Nadu.
The Government led by Mr Stalin has set a target of making Tamil Nadu the second largest economy in India to become a one trillion-dollar economy by 2030. As part of this, the Chief Minister left for the United States of America on the night of August 27 and reached San Francisco the next day to attract industrial investments to Tamil Nadu. During the investors meet, MoU was signed with Nokia, a Finnish multi-national telecommunications, information technology and consumer electronics company. It is one of the Fortune 500 companies. Nokia has set up an International Distribution Centre and Manufacturing Centre in Chennai. The MoU was for setting up world’s largest fixed network testing facility with a new R&D facility at Siruseri, SIPCOT at an investment of Rs.450 crores, generating employment to 100 persons.
The MoU was signed on behalf of Nokia by Nishant Batra, Chief Strategy and Technology Officer, and Ms Chandy Modley, President of Fixed Network Business Group. Another MoU was signed with PayPal Holdings Company an American multi-national financial technology company that facilitates online payments in most countries that support online money transfers. It serves as an electronic alternative to traditional paper methods such as cheques and money orders. PayPal employs more than 2,500 people in Chennai. The MoU was to set up an Advanced Development Centre focussed on AI with a potential employment generation of about 1,000 persons. The MoU event was graced by Mr. Srini Venkatesan, Executive Vice President (Chief Technology Officer) and Zi-Yang David Fan, Head of International Government Relations, Pay Pal.