TN’s 72% MoU conversion beats nation’s 25-30% rate, says Minister TRB Rajaa

CHENNAI: Industries, Investment Promotions and Commerce Minister TRB Rajaa on Friday announced in the Assembly that the State has achieved a record 72% conversion rate of Memoranda of Understanding into tangible investments.

This figure surpasses the national average conversion rate of 25–30%, and even exceeds the 70% benchmark set by Chief Minister MK Stalin, he said. Replying to the demand for grants to his department, Rajaa said, “During the Global Investors Meet (GIM) 2024, many sceptics claimed that achieving even a 50% conversion rate would be commendable. However, we surpassed expectations, first reaching 60% and now attaining an impressive 72%.”

He added that this success translates into lakhs of job opportunities across the State. “After the DMK assumed office in 2021, Tamil Nadu has signed 897 MoUs attracting investments worth Rs 10.27 lakh crore, out of which 722 have materialised into projects where work has commenced or production has begun. This also includes MoUs signed under the previous AIADMK regime, which we revived and are pushing towards implementation,” he said.

Rajaa credited the aggressive global investment outreach by the Chief Minister, who visited Japan, Singapore, Spain, Dubai and the US from 2022 to 2024, leading to 36 MoUs, of which 23 are already being implemented.

Rajaa also revealed that Samsung, following a successful resolution of recent labour unrest, has reaffirmed its faith in Tamil Nadu by committing an additional Rs 1,000 crore investment. “This will create 100 more jobs and take the company’s total workforce in the state to 3,500,” he said.

The minister further highlighted the government’s focus on labour welfare, including 6,500-bed hostels in Hosur in partnership with Tata and a planned 25,000-bed expansion.

In Chennai, a women’s hostel for 18,000 workers at Foxconn is also under construction, he informed.

Citing recent Union government data, Rajaa noted that Tamil Nadu now accounts for 41.23% of India’s electronic goods exports, marking its ascent as a national leader in the manufacturing sector.