Joint UAE-Kerala working group proposed for investments
May 15, 2007 - 7:02:46 PM
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'The general impression we got is that everyone, including Middle East countries, are keen on having business relations with Kerala. These companies are now looking forward to Asian countries for investing and Kerala is high on their list,' said Kareem.
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By IANS,
[RxPG] Thiruvananthapuram, May 15 - A high-level joint working group between the United Arab Emirates and Kerala is to be formed to open the way for investments from the UAE, especially in the field of petrochemicals and power, a senior official said Tuesday.
'The decision was arrived at after holding talks with UAE state Minister for Finance and Industry Mohammed Khalfan Al-Kurbashu in the UAE,' State Industries Minister Elamaram Kareem told reporters here Tuesday. 'This was one of the major success stories of our visit to the UAE.'
A high-level Kerala delegation led by Kareem had toured various Middle East countries from April 27 to May 9.
The joint working group would consist of senior bureaucrat T. Balakrishnan and John Mathai, the managing director of the newly formed joint venture Inkel. The UAE officials in the group would be announced shortly.
UAE firms are interested in investing in mega projects in Kerala in the field of petrochemicals and power among other things, he said.
'The UAE-based Emirates Investment Group is a giant company that has evinced interest to invest in Kerala, especially in projects like tourism and trading. They said they would get back to us with concrete proposals,' said Kareem.
He said the Oman Trade and Industries Minister Mukbal Ali Sultan had conveyed to him their interest in investing in oil and gas, ports and in shipbuilding.
In Saudi Arabia, the Kerala delegation held talks with Dammam-based Saihathi Group which expressed a desire to source materials like cables and electricity meters from Kerala firms. In Bahrain they held discussions with watch manufacturers Chancellor, which said it was keen to open a unit in Kerala.
'The general impression we got is that everyone, including Middle East countries, are keen on having business relations with Kerala. These companies are now looking forward to Asian countries for investing and Kerala is high on their list,' said Kareem.
He said Kerala's new Industrial Policy would be released soon and would set the ball rolling for an estimated Rs.100 billion - of investments in the private sector in the coming years.
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