Chennai, Jan 5 (KNN) The Tamil Nadu government is poised to unveil the 'Tamil Nadu Semiconductor and Advanced Electronics Policy' at the upcoming Global Investors' Meet scheduled for January 7 and 8.

Emphasising the high value associated with semiconductor design, the policy aims to enhance the state's reputation in the electronics sector, as per sources.

Anticipating a record-breaking investment influx during the Investors' Meet, the government aims to further establish Tamil Nadu as a key export hub in India.

Following an impressive threefold increase in electronics exports during the fiscal year 2022-23, Tamil Nadu targets exceeding the USD 8 billion mark in FY24, marking a substantial 49 per cent surge from the previous year.

Notably, the state has already contributed USD 4.8 billion, constituting 31 per cent of India's total exports.

The surge in exports is attributed to the 'China Plus One' strategy adopted by global giants like Apple, prompting key contractors such as Foxconn and Pegatron, along with suppliers like Salcomp, to play a pivotal role in establishing Tamil Nadu as the country’s electronic hub.

Recognising that the semiconductor industry derives significant value from design (approximately 20-30 per cent), the state is strategically focusing on this aspect amidst widespread discussions about fabrication.

The preceding editions of the Tamil Nadu Global Investors Meet witnessed substantial investments, totalling Rs 2.42 trillion in 2015 and Rs 2 trillion in 2019.

The current edition features participation from approximately nine partner countries and over 30 participating countries, crucial for Tamil Nadu's ambition to evolve into a USD 1 trillion economy by 2031.

(KNN Bureau)