A joint working committee will be set up by the governments of Kerala and the United Arab Emirates to explore investment opportunities in Kerala. A delegation from the state has been on an 11 day tour of the UAE to impress NRI investors, UAE government officials and funding bodies on the investment climate in Kerala.

NRI investors in the Gulf, individual investors, and the UAE government have expressed their desire to invest in infrastructure and heavy industry in Kerala.

NRI investors alone have committed a figure of Rs. 1.42 billion for investment in Infrastructure Kerala Limited (InKel) Industrialisation in Kerala is picking up with the establishment of a Knowledge Park by the Aditya Birla Group, an Industrial Park by Malaysian investors, a Biotechnology Park and Hardware park in Kochi and the Spices Park in Idukki The Kerala Industries Minister stated that Rs. 100 billion worth of investments have already been received by his department in its industrialization drive.

Of these, NRI businessman P.N.C.Menon of the Sobha Group has committed to a 400 acre hi-tech city in the state T. Balakrishnan, Principal Secretary, and John Mathai, former Chief Secretary and Managing Director of InKel have been appointed by the Kerala Government to the proposed working committee. Representatives from the UAE are yet to be appointed.

The discussions between Maqbool bin Ali Sultan, the Minister of State for Commerce and Industry, Oman, and the Kerala Industries Minister, Elamaram Kareem have been encouraging, with several companies in the Sultanate eager to invest in oil refineries, petrochemicals, ports and ship building in Kerala.

UAE has displayed an eagerness to invest in power and petrochemical projects. Oman and Kuwait are open to investment in the petrochemical complex in Kasaragod.

The investment in this project would exceed Rs. 20 billion. The Kerala government is eager to restart the Kannur power project in time for the LNG terminal which would be operational by 2009, and has proposed the same for investment to UAE officials.

The powerful Emirates Investment Group is also seeking to play an active role in Kerala with large-scale investments in tourism, property and other commercial sectors The Kerala Government would soon start identifying other plausible areas of investment and projects in the state and propose these to the working committee for deliberation.

The creation of new industries in Kerala would add Rs. 50 billion to the exchequer and generate employment for 75,000 persons.

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