The Hindu : Kerala / Kochi News : State yet to make a mark in investment, says Ravi

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Sunday, Oct 29, 2006
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Kerala - Kochi

State yet to make a mark in investment, says Ravi

Staff Reporter

KOCHI: Union Minister for Overseas Indian Affairs Vayalar Ravi has said that the mindset of people in the State should change for attracting foreign investments.

He was inaugurating a seminar on "Overseas Indians and emerging business opportunities," organised by the Kerala Chamber of Commerce and Industry here on Saturday.

The Minister said a proper environment for investment was important, and several States had created it. Pointing out that there were several roadblocks on the path of development, he said political differences should not come in the way of investment projects.

The Vallarpadom container terminal was sanctioned after much hardship, but it was being delayed for want of a decision on rail connectivity.

The delay would send a wrong message on the prospects of investment in Kerala. That apart, it would be costly, as penalty might have to be paid for delayed commissioning.

Several States were competing with each other for investment. There were two other States keen on clinching a deal for Smart City, and they had offered several additional facilities to investors.

"Kerala is yet to make a mark in investment," he said. The remittances from non-resident Indians were mostly going to the consumer market.

But sustaining the market in this way would be of little significance. The Minister felicitated C.K. Menon, recipient of Pravasi Bharatiya Samman. Mr. Menon promised to invest about Rs. 200 crore in the service sector in Kerala.

John K. Paul, president of the chamber, welcomed the guests. K.N. Marzook, former president of the chamber, spoke.

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