The Tamil Nadu government on Thursday signed a memorandum of understanding (MoU) with Taiwan-based sports footwear major Hong Fu for setting up a manufacturing unit at an investment of around Rs 1,000 crore over a period of around five years.
The current MoU will create around 20,000 jobs, in addition to giving a boost to the footwear manufacturing industry in Tamil Nadu. Hong Fu is reportedly a leading manufacturer of brands like Nike and Puma and has been manufacturing and selling sportswear since 2003. The state has signed around 130 MoUs for investments to the tune of Rs 68,375 crore and generating 2,05,802 jobs since the DMK came to power 10 months ago.
Tamil Nadu saw an increase in foreign direct investment by 41.5 per cent during April to December period and is taking steps to attract more investors by organizing a global investors meet in 2023. Giving a huge boost to the Tamil Nadu government’s push for new investments, Chennai was ranked as the world’s cheapest foreign direct investment (FDI) location for electronics research and development recently using fDi Benchmark, an investment location comparison tool.
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