Tamil Nadu Global Investors Meet 2024: Major announcements

Chennai Trade Centre witnessed a gathering of global leaders and company executives on Sunday for the Tamil Nadu Global Investors Meet 2024, where plans for substantial investments in the state were unveiled. 
The two-day event aimed at attracting substantial investments to the state saw major commitments from industry leaders to boost Tamil Nadu's status as a prime investment destination. 
Here are some of the major announcements:  
 
Qualcomm 

Inaugurating the event, Tamil Nadu Chief Minister MK Stalin launched Qualcomm's new design centre, established with an investment of ₹177.27 crore. The centre will specialise in wireless connectivity solutions, focusing on innovations complementing Wi-Fi technologies and contributing to Qualcomm’s global 5G Cellular technology R&D efforts. The facility is expected to generate jobs for 1,600 skilled professionals. 
 
Pegatron  

Pegatron, a consumer electronics manufacturer, and Apple’s Taiwan’s supplier has entered Tamil Nadu with a significant investment of ₹1,000 crore. The establishment of this consumer electronics manufacturing unit is expected to generate 8,000 jobs, providing a substantial boost to employment opportunities in the state. This move aligns with Apple's strategy to diversify production away from China, with Pegatron working towards a second factory in India. 
 
VinFast Auto  

VinFast Auto, a Vietnamese electric vehicle manufacturer, signed a memorandum of understanding (MoU) with the Tamil Nadu government. As per a report by Bloomberg, on Saturday, VinFast announced the establishment of an electric vehicle manufacturing unit in Tuticorin, Tamil Nadu, with an investment of $2 billion (approximately ₹16,000 crore). The facility is expected to generate over 3,000 local jobs, with construction targeted to start this year. 
 
Hyundai 

Hyundai, a key player in the automotive sector, announced an additional ₹6,180 crore investment in Tamil Nadu, complementing the ₹20,000 crore invested in electric vehicle manufacturing in the previous year. The company will establish a 'Hydrogen Valley Innovation Hub' with an investment of ₹180 crore, in collaboration with IIT-Madras. This hub will serve as an incubation center for developing a framework for localising the hydrogen ecosystem, promoting employment, and supporting skill development in the region.