Madurai, Dec 30 (KNN) Tamil Nadu Industrial Investment Corporation Limited's (TIIC) Investor meet facilitated 190 Memorandum of Understandings (MoUs) between TIIC and entrepreneurs, valued at Rs 1,660.15 crore over the next three years on Friday.

The Investor meet was held at the Maditissia Hall in Madurai district and was inaugurated by Information Technology Minister Palanivel Thiaga Rajan, reported TOI.

Rajan announced that the upcoming Global Investors Meet (GIM) scheduled in Chennai on January 7 and 8 will play a significant role in achieving the state’s USD 1 trillion economy target.

“Whichever state wants to develop, the goal must be to create employment for the youth. The situation India is in today, we are the only country in the world that can be a supplier of human resources but we have a scarcity of funds necessary for the investment,” stated the IT Minister.

He added, “If India wants to achieve the growth achieved by China in production and manufacturing in the last two decades, India should skill its human resource."

While addressing Micro, Small, and Medium Enterprises (MSMEs), Rajan also discussed the favorable conditions of the state and the present scope of improvement.

“Information from the last two GIMs held in Tamil Nadu shows that creating one job requires about Rs 15 lakh,” he stated.

“We have to identify sectors that can provide one job in return for an investment of Rs 5 lakh, The MSME department has to organise camps and identify such sectors and give incentives to such industries that can create more jobs with less Investment,” added the IT minister.

Although the district administration set a target of Rs 1,638 crores for TIIC, MoUs worth Rs 1,660.15 crores were signed, showcasing the investor meet’s success.

(KNN Bureau)