KOCHI: As the Left government prepares for the two-day Invest Kerala Global Summit (IKGS 2025) later this month, Industry Minister P Rajeeve said on Saturday there would be sincere efforts to turn all the proposals that come up at the summit into actual investments in the state.
"We will be realistic in our expectations. Our efforts will be to convert all projects that come up at the summit into reality. Be assured that the actual realisation will be more than 60 percent," the minister told reporters in an interaction ahead of the summit, which will be held on February 21 and 22.
"The expressions of interest (EoIs) that will be signed at the summit will be realistic. In that way, this summit will be different from other global investor summits held in Kerala and other states in the past," said Rajeeve.
Making a strong pitch for investors, Rajeeve said Kerala is a leader in many sectors already, and the state would woo investors from across the sectors at the IKGS2025.
"Twenty-four percent of the turnover of medical device manufacturing comes from Kerala. The state is also home to the top four players in spice processing companies," Rajeeve said.
The summit will have participation from the Dubai Chamber of Commerce, Abu Dhabi Chamber of Commerce, Sharjah Chamber of Commerce, Swiss India Chamber of Commerce, diplomatic representatives from 25 countries, besides prospective investing companies.
While Chief Minister Pinarayi Vijayan will be present on both days, the union government will be represented by Commerce Minister Piyush Goel and other union ministers.
While the state government is actively working towards transforming Thiruvananthapuram into Kerala's hub for the automotive industry, there will also be a push for high-tech manufacturing and knowledge industries.
"In the next 15 years, Kerala will emerge as a major destination for high-tech manufacturing and knowledge industries worldwide," the minister said. Projecting Kerala’s potential to become the centre of the country's knowledge economy, the minister highlighted the state’s rich pool of human resources with the skills and competencies that can boost ways towards achieving the goal.
"We are becoming a software development centre for global IT companies," he pointed out. "A global centre for automobile software technology is coming up in Thiruvananthapuram, facilitating global automotive companies such as Nissan and BMW to establish a foothold," Rajeeve said.
Also, multinational behemoth IBM's key global Center of Excellence in Generative AI is located at Kochi Infopark.
"We are starting campus industrial parks to identify talent from campuses and provide skills as well as vocational training to students. Initially, ten companies are ready for announcement. In addition, 31 private industrial parks have been approved," the minister said.
As part of the ongoing Year of Entrepreneurs initiative, Kerala has raised an investment of Rs 22,104.42 crore.
This huge amount has been raised from the state's domestic investment capacity, prompting the government to consider a long-term future use of this model, the minister added.