Financial Daily from THE HINDU group of publications
Friday, Jun 07, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 07, 2002 |
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Industry & Economy
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Economy Kerala: Special zones planned to lure investments Mony K. Mathew
THIRUVANANTHAPURAM, June 6 AS part of its efforts to ensure regular inflow of investments, the Kerala Government has drawn up a plan to create special zones for various sectors across the State. These zones will be exclusively earmarked for areas such as information technology, manufacturing, healthcare, tourism and education. In order to implement this novel concept involving different sectors, the Industries Department would play the role of a facilitator, the Industries Minister, Mr P.K. Kunhalikutty, told Business Line. However, he hastened to add that this was a long-term plan of the Government and that the ongoing fiscal and administrative reforms were expected to lay a strong foundation for the concept to take concrete shape. The Minister also said that the forthcoming Global Investors' Meet in Thiruvananthapuram in November this year is a major initiative of the Government to change the prevailing negative perception about Kerala and make it an investor-friendly State. The response to the meet has so far been highly encouraging, especially from the Gulf region, Malaysia and Singapore. The State Government had already entered into memoranda of understanding with the chambers of Commerce in Singapore and Malaysia for participation in the meet, the Minister said. He added that the Government's endeavour was to attract private investments in different sectors and it was framing its various policies keeping this objective in focus. Also, steps were afoot to simplify procedures in order to ensure speedy clearance of project proposals. "The labour laws were also being amended to give support and protection to the investors," he said. The investors, besides being given technical support, will be provided `escort service', which will enable them to have officials at hand to guide them through the various offices and procedures. Apart from attracting investments, the meet will lay emphasis on bringing in new technology to the State. "This is important because sectors like agriculture, which is passing through a grave crisis, would be immensely benefited by the introduction of new technology." On the imminent hike in power tariffs in the State, Mr Kunhalikutty said that the existing tariffs were lower than those in other States and that the Industries Department would like the advantage maintained in the event of tariff increases. He added that in sectors such as IT and tourism, the State had already made good progress. The IT sector, however, suffers from the absence of any major players in the field, but the situation is expected to be rectified soon as some majors had evinced interest in setting up shop in Kerala. Besides IT and tourism, the State has huge potential in areas such as biotechnology, minerals and food processing and these would be showcased in the investors' meet, the Minister said.
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