US firms' investments in Tamil Nadu at over $4 bn: Minister

CHENNAI: Tamil Nadu has attracted total investments worth over $4 billion from US companies in sectors such as automobiles, textiles and pharma, state industries minister M C Sampath said today.

"The United States and Tamil Nadu share a good relationship in trade. The state is home to over 250 US companies and has attracted cumulative investments of over $4 billion and generating employment to 1.75 lakh people directly and 2.50 lakh indirectly," he said at a conference, organised by Indo-American Chamber of Commerce, here.

Ranked among the top three industrial states of the country, Tamil Nadu is ideal for investments in social and economic fronts and also due to factors like skilled manpower, competitive costs, sea ports and pro-active government policies, he said. The state contributes to 11 per cent of industrial output of the country, he added.

"The US and India have come forward to grow stronger bilaterally in several areas. The relationship lays emphasis for improvements in defence, disaster assistance, new technology projects," US Consul General Phillip A Min said.

Stating that 60 per cent of manufacturing goods in automobile sector was shipped overseas, Industries Department Principal Secretary C V Sankar said that joint ventures and public private partnerships were happening between US and Tamil Nadu in sectors like pharmaceuticals, life science and water security.

India is among the top 15 suppliers of goods and services to the US with imports touching around $69 billion during 2015.

The bilateral trade in services was $43 billion and contribution from India was at $25 billion.