Financial Daily from THE HINDU group of publications
Tuesday, Apr 23, 2002
Industry & Economy
Foreign Direct Investment
Govt appoints PwC for study on investment
KOCHI, April 22
THE Kerala Government has appointed international agency, PricewaterhouseCoopers, as consultants for the ensuing Global Investors Meet (GIM) to be held here in November.
Speaking to newspersons on Monday, Mr Jiji Thomson, Managing Director, Kerala State Industrial Development Corporation (KSIDC), said that the consultants would conduct a pre-feasibility study in 50 select projects from various Government departments and identify prospective investments for these projects before submitting them before the GIM.
The consultancy fee for the firm has been fixed at Rs 60 lakh, he added.
It has also been decided to conduct a meeting of 100 successful entrepreneurs from Kerala in May before the GIM, to ask them what they need further from the Government, Mr Thomson said.
According to him, the GIM would be the culmination of a massive investment drive by the State Government, which would be in the form of identifying prospective investors.
The expenditure for the GIM is estimated at Rs 5 crore and the Finance Minister granted this amount in his Budget speech.
Mr Thomson said that the Government has targeted a fast rate of industrial growth and the GIM would be the publicity vehicle for the State to create awareness among investors worldwide, highlighting its strength and core competence.
The recession that has been gripping the world and decline in FDI in the country has deterred industrial growth in Kerala.
The flow of FDI in the 10-year period between 1991 and 2001 into various States in the country showed that Maharashtra topped the list with 17.11 per cent, while Kerala got only 0.54 per cent.
Mr Thomson said that the current Government had announced pro-investor and pro-enterprise policies aimed at transforming Kerala into an investor-friendly destination.
It has constituted a high-level committee with the Chief Minister as Chairman, the Industries Minister as Vice-Chairman and all the Ministers as council members.
The ministers concerned would co-ordinate the channelisation of investments, he added.
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