MADURAI: The MoU signed between the Tamil Nadu government and LuLu Group to establish mega shopping malls in the State was strongly opposed by the Tamil Nadu Chamber of Commerce and Industry here today. During the recent visit of Chief Minister Mr.M.K.Stalin to Abu Dhabi, the agreement was signed for LuLu Group’s projects in the State to bring in investments.
However, the TN Chamber president Mr.N.Jegatheesan has said in a press statement issued from Madurai on April 1st 2022 that the proposed mega shopping malls by LuLu Group would jeopardize the traditional retail trade in the State and the livelihood of millions of workers is involved in this.
“Our Chamber urges the Government of Tamil Nadu and our Chief Minister to reconsider the MoU agreement signed with LuLu Group in UAE. We have to protect and safeguard the retail trade, and hence our appeal to the Tamil Nadu government to reconsider the MoU,” he said in the press statement here today.
Mr.Jegatheesan has said that the TN Chamber has been consistently opposing foreign direct investment in retail trade as wholesale and retail trade are the backbone of State’s economy. “Our Chamber welcomes and appreciates the Chief Minister’s efforts to attract foreign investments. The agreement with LuLu Group is for an investment of Rs.3,500 crores for setting up giant shopping malls at various places in Tamil Nadu. These sort of malls will badly impact the livelihood of 20 lakh retailers and their one crore dependents. If big commercial complexes come up, then those who are already in retail business will have to close down their businesses,” Mr.Jegatheesan added.
