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Gulf companies keen to invest in State: Karim

Special Correspondent

The Minister says his tour of West Asia has helped a lot

KOCHI: Industries Minister Elamaram Karim has said that many West Asian companies are now looking at Kerala as a possible investment destination.

More and more Gulf countries were now coming up with plans to have business tie-up with India as they are keen on cashing in on India's economic boom.

Western countries used to be the Gulf's favoured investment destination, but now all that had changed and the Arabs wanted to put their money in Asia, particularly India. Mr. Karim said that during his recent tour of West Asia seeking investments and meetings with Arabian leaders and businessmen, he found that, because of their traditional trade ties with Kerala, many Gulf Governments and companies favoured Kerala.

Mr. Karim was speaking at a function held here on Friday where a strategic tie-up between Doha Bank of Qatar and the Kochi-based brokerage firm Selectgroup was signed. Prince George, CEO of the Selectgroup, and R. Seetharaman, deputy CEO of Doha Bank, announced the strategic tie-up whereby the bank would have a substantial stake in Select Securities Limited. "This is our first investment in India and we see India as an emerging super power," Mr. Seetharaman said.

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