Samsung top pick for retail investors after US election
Retail investors scooped up 2.33 trillion won ($1.67 billion) worth of Samsung Electronics stocks since the U.S. presidential election, the country's main bourse said on Sunday.
Tamil Nadu Chief Minister K Palaniswami has written to top global leaders of Apple, Amazon, Samsung, and other 10 multinational companies (MNCs) in the electronics sector inviting them to set up shops in the state promising ‘customized incentive package’ to them.
The initiative by the government comes in the backdrop of the companies mulling exit from ‘certain countries’ following the COVID-19 outbreak and relocate their manufacturing bases to countries including India.
In a statement issued here, the government said Palaniswami wrote to the heads of 13 MNCs, including Tim Cook, President and Chief Executive Officer (CEO) of Apple; Kim Hyun Suk, President and Chief Executive Officer, Samsung; Jeff Bezos, CEO, Amazon; and Enrique Lores, President and CEO of HP.
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The letters outline the investment attractiveness and inherent advantages of Tamil Nadu and excellent support for business and industry to further their growth and promises a ‘customized incentive package’ as per their requirement.
As part of its initiatives to boost the industrial climate in the state, the government recently signed memorandum of understandings with various companies committing investments of Rs 15,128 crore.
The Tamil Nadu government already constituted a Special Investment Promotion Task Force under Chief Secretary K Shanmugam to identify potential investors, frame guidelines for expediting single-window clearances, formulate special incentive package among others.
Like Palaniswami, Yogi Adityanath-led Uttar Pradesh government is also trying to woo companies moving out from China.
In this regard, Uttar Pradesh’s MSME Minister Siddharth Nath Singh, held a webinar last month with the US-based industries under banner of the ‘United States-India Strategic Partnership Forum’.
The seminar was attended by companies like Adobe, Boston Scientific Master Cards and UPS while Siddharth Nath Singh, along with a team of senior government officers.
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