In a significant 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. According to an assessment conducted using fDi Benchmark, Chennai appeared to be the most affordable location in the top 100 electronics FDI destinations, with annual operating costs of $1.24 million for a 50-person R&D centre.

Chennai was ranked second after Seol, home to big electronic players like Samsung and LG Electronics. Chinese cities like Guangzhou and Shenzhen followed Chennai. Three Indian cities, including Bangalore, Pune and Gurgaon, grabbed a spot among the top 10 cities in this list.

This comes as good news for the Tamil Nadu government, led to a boost in FDI by 41.5 per cent during April to December period and is taking massive steps to attract more investors by organising a Global Investors Meet in the year 2023. According to Chief Minister M K Stalin, the state has signed 130 MoUs for investments to Rs 68,375 crore to generate 205,802 jobs since the DMK came to power ten months ago.