TN forms special task force to woo investors post-COVID-19

Chennai, Apr 30 (): Tamil Nadu government on Thursdayannounced the formation of a special task force under ChiefSecretary K Shanmugam to attract investments from overseascompanies which were likely to relocate from certaincountries post-coronavirus outbreak. Chief Minister K Palaniswami constituted the special taskforce to invite investors from Japan, South Korea, Taiwan,Singapore and the United States who might relocate theiroperations to countries like India to diversify their supplychain. Maintaining that the government was committed to reviveindustrial sectors and make them vibrant once COVID-19pandemic recedes, the government said due to adverse impacton the global economy by coronavirus, many industries locatedoverseas are likely to exit from certain countries andrelocate their base in countries like India. "They include investors from Japan, South Korea, Taiwan,Singapore and USA who already have significant investments inTamil Nadu," an official press release said. Palaniswami has issued the Special Task Forceinstructions to take steps to attract the new investments inorder to create new job opportunities and submit its reportin a month. The Special Task Force would comprise representativesfrom business associations, companies from Japan, SouthKorea, Taiwan, Singapore and USA, secretaries of finance,industries, MSME, guidance bureau as its members. The task force would identify potential investors, frameguidelines for expediting single-window clearances, formulatespecial incentive package and identify key infrastructureprojects, including a dedicated industrial township. The government of Tamil Nadu is taking all necessarysteps to ensure the state shines continously as the mostpreferred investment destination, the release said. VIJ(eom) 043020 RMAILNNNNNVG NVG