The government will soon introduce new policy reforms with innovative features to make Tamil Nadu a leader, Chief Minister Jayalalithaa said here on Monday.

The government would launch new industrial policy, automobile and auto parts policy, aerospace industry policy, biotechnology policy and much more.

She was addressing a gathering of industrialists at a function to mark the signing of memoranda of understanding with 12 firms, involving an investment potential of Rs. 20,925 crore.

“In the automobile and auto parts policy to be released shortly, I have set a goal to make Chennai, the world’s largest auto hub. My government is committed to catapulting Tamil Nadu onto a higher growth orbit and developing the State to be on par with some of the middle-income countries such as Malaysia, Thailand and South Korea,” she said.

While urging entrepreneurs to make use of conducive investment climate as the State government alone could not fund all the new projects, the Chief Minister said in the last 18 months, Tamil Nadu had attracted an incremental investment of Rs. 1,74,706 crore. This included substantial investment in infrastructure projects. Exuding confidence of attracting over Rs. 1,00,000 crore of new investments in the manufacturing sector in the coming months that will make Tamil Nadu the numero uno in all spheres of development, Ms. Jayalalithaa said, “My government will work hard to improve the quality of governance at all levels and remove barriers to growth and competition.”

Citing a report — SIA Statistics — published by the Department of Industrial Policy and Promotion in the Union Ministry of Commerce and Industry in June, she said the State attracted investments of Rs. 68,527 crore in the manufacturing sector in the 14-month period from May 2011 to June 2012.

The figures once again proved that Tamil Nadu emerged as the destination of choice for making investments.

Industries Minister P. Thangamani said notwithstanding the global recession, Tamil Nadu emerged a front-runner as it attracted investments from foreign and domestic investors.

Chief Secretary Debendranath Sarangi said Tamil Nadu would soon become one of the top three investment destinations in Asia.

Principal Secretary, Industries, Vikram Kapur signed agreements with the representatives of Hyundai Motors India Ltd, Indo Rama group of companies, ADD Industrial Park (TN) Ltd., BGR Energy group of companies, Harsha group of companies, Saint Gobain Glass India Ltd, Danfoss Industries Private Ltd, Nokia India Private Ltd, Sanmina-SCI India Private Ltd, Tube Investments of India, Amway India Enterprises Private Ltd and TVS group of companies.

Southern India Chamber of Commerce (SICCI) president Jawahar Vadivelu lauded the Chief Minister for signing several memoranda of understanding that would provide direct and indirect jobs to about 1.37 lakh people. It would also augur well for the economic growth of the State, he added.