Investments in TN will make state India innovation hub: O Panneerselvam

Chennai: More investments, in value added service industries, research and development, financial technology, will help Tamil Nadu government in achieving its goal of transforming the State into India’s innovation hub, as envisioned by former Chief Minister J. Jayalalithaa, Deputy Chief Minister O. Panneerselvam has said.

Addressing delegations at the opening ceremony of the World Islamic Economic Forum and United Economic Forum (WIEF-UEF) Chennai Roundtable 2018 here on Saturday Mr. Panneerselvam said UEF and WIEF are working very closely together, on attracting more investments, into Tamil Nadu. “It is commendable, that they have set a target, of attracting, 1 per cent of all Sovereign Wealth Fund Investments, into Tamil Nadu. This would amount to, 33 billion US dollars. Such investment, will immensely benefit the State and society, at large,” he said.

He assured that an investment in Tamil Nadu, is a very sound investment and invited them join TN on its aspirational journey, to growth and development. He informed that the State Government has already identified over 200 Infrastructure projects, requiring investment of about USD 250 billion.

TN has institutional structures, that could rece-ive investments through Sovereign Wealth Funds and Sharia compliant funds. TN has established the Tamil Nadu Infrastructure Fund (TNIF), which was the first Category-I Alternative Investment Fund, set up by any State Government under the SEBI regulations, he said. TNIF provides equity and structured finance infrastructure projects, which have a revenue model.

“Tamil Nadu has also received SEBI approval, to launch the Tamil Nadu Shelter Fund, for investment in affordable housing," he said and added that it was a Social Impact Fund to provide investors, with profit alongside, achieving social and environmental benefits.