Kerala Attracts ₹1.52 Lakh Crore in Investments at Global Summit

Kochi: The second day of the Invest Kerala Global Summit witnessed a remarkable influx of investments from across the globe. After concluding the two- day summit held at the Grand Hyatt Lulu Convention Centre in Kochi, Minister for Industries P Rajeev announced that the state had received investment commitments totaling ₹1,52,905.67 crore from around 374 companies.

Among these investments, the UAE- based Sharaf Group, one of the top shipping and logistics companies in the world, agreed to invest 5,000 crore in Kerala, primarily focusing on port logistics. "We intend to complete the project within five years," said Vice Chairman and General Sharafudheen Sharaf during the summit. The Sharaf Group, which already has business operations in seven cities in India, committed to investing in two separate locations in Kerala. Vice Chairman Sharafudheen praised the government's efforts to attract global investment to the state, stating that such efforts deserve accolades.

Artson Engineering Limited, under Tata Projects Limited, agreed to invest ₹500 crore over the coming years in a joint venture with Malabar Cements. The investment will be directed towards building a facility for constructing ships with a capacity of 100 tonnes, aiming to export boats from Kerala. The engineering company signed an Expression of Interest with the Kerala Government on Saturday.

Lulu Group International (LGI) has committed to investing ₹5,000 crore in Kerala over the next four to five years. The announcement was made by LGI Executive Director M. A. Ashraf Ali on the sidelines of the Invest Kerala Global Summit on Saturday. Lulu Group is dedicated to creating job opportunities for around 15,000 job seekers in Kerala. The investment will be directed towards a global city, an IT tower, and a food processing unit.

In the closing ceremony P Rajeev asserted that there is no hidden cost for investment in Kerala, which is the least corrupted space. All the activities of government is transparent and Invest Kerala Global Meet will be conducted in every three year.