The Kochi-Muziris Biennale has produced a high return on investment (R0I), if a cost-benefit-analysis is done for the `5-crore that was sanctioned for the event by the previous government, said former Finance Minister T M Thomas Isaac.
He was visiting the biennale venues at Fort Kochi on Sunday.
“The government was fully aware of the economics of the biennale while giving the financial grant. Besides, Kerala, and Kochi in particular, got a big brand name at the global level through the event, something that cannot be achieved even by spending `50 crore by way of advertisements,” he said.
Issac said that the event should not be reduced to art exhibition. “The event should be conducted every two years as planned and the state cannot backtrack. It is another milestone of growth for the artistic and cultural spheres of the state,” he said.
The present government had promised to give financial assistance to the biennale in the Assembly.
“I do not understand why the assistance should be delayed further. This is the time when the biennale needs government assistance badly. We can discuss the future course of the biennale, including the composition of the foundation, at any time”.
The former minister said that Kerala Tourism spends around `30 crore annually for promoting tourism, but the biennale has helped Kerala gain better mileage as a brand.
“If you see the great installations and converse with the artists, then there will be no room for doubts,” he added.
The event was named as the Kochi-Muziris Biennale with a view to give brand mileage to the Muziris tourism project.
By the next biennale, the Muziris project would have fully evolved, and the biennial carnival could then be linked to the legacy of Muziris, he pointed out.