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Cochin to host global investment meet

Sanu George in Trivandrum

The new Kerala government plans to organise a global investment meet in Cochin before the end of this year in its bid to turn the state's economic fortunes around.

State Industries Minister P K Kunjalikutty said the government is currently "giving finishing touches" to its labour, infrastructure, IT and industrial policies for presentation at the meet, planned on the lines of a similar exercise in Bangalore recently.

He said the curtain-raiser of the global meet would be the meeting with non-resident Indian organisations in Kochi later this month.

"We are expecting the real investors who are the cream of the industry from within the country and abroad to attend the mega meeting," Kunjalikutty said.

"We are also committed to see that the opposition is consulted in this matter and we would also take into confidence the various trade unions and would try to educate them on what would be the consequence if investment does not come to Kerala," Kunjalikutty said.

The ruling United Democratic Front had constituted a subcommittee consisting of the industries, revenue, agriculture and ports ministers as well as K Muraleedharan, state chief of coalition leader Congress, and a few other senior Congress leaders to chalk out policies for a dialogue with the private sector.

The committee Friday met a few industrialists here and sought their opinion on what was required to put Kerala's battered economy back on the rails.

Subcommittee members said this was the first meeting and several more discussions would be held in the future, both at the official and unofficial levels.

"We have constituted a high level committee of top bureaucrats who would liaison with the various government departments," said Vayalar Ravi, a member of the subcommittee.

Regarding the 25 per cent increase in power tariff from next week, the subcommittee members said while no industrialist would welcome the hike, the state government had in the Thursday's meeting explained why the move was necessary and "we feel that they are convinced."

"The industrialists said the need of the hour was uninterrupted and quality power and we are committed to that," said A V Thamarakshan, another subcommittee member. "Even with a 25 per cent increase the power tariff in Kerala is still the lowest."

He said the government estimated that only a whopping investment of close to Rs 1 trillion over the next few years could create jobs for the 4.5 million people unemployed in the state and revive the state's economy.

"Now that even the Communist Party of India-Marxist (the main opposition group) does not have a problem with private capital, this should not be a problem," said Ports Minister M V Raghavan.

Representatives of Wipro, Tata and the Confederation of Indian Industry were among the industrialists who took part in the meeting.

Indo-Asian News Service

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