Kerala expects Rs.5 bn investment at entrepreneur-diaspora meet

Thiruvananthapuram, Dec 5 : The two-day 'Entee Naadu', a meeting of the Kerala diaspora and entrepreneurs being held at Kochi Dec 23-24, has evoked a huge response and authorities expect the projects being showcased to fetch an investment of Rs.5 billion.

The event, jointly organised by the state tourism and industry departments, will be attended by around 500 representatives, including those from diaspora organisations based in different countries.

During the event, business proposal will be put forward by Kerala entrepreneurs while the capital will be invested by non-resident Keralites. The project is the brain child of Tourism Minister Kodiyeri Balakrishnan.

"The response has been fantastic and we have got 148 proposals from various entrepreneurs. We expect to showcase around 50 projects," Nodal Officer of the meeting T.K. Manzoor told IANS.

He said a committee is evaluating each proposal ranging from Rs.5 million to Rs.500 million and project ranges from small home stays to big resorts. Manzoor also heads state-owned Tourism Resorts Kerala Ltd.

So far, 388 participants have registered for the event. Of these, 137 are Keralites and the remaining are delegates from 31 countries.

The huge turnout is the result of a business trip undertaken by Balakrishnan and Industries Minister Elamaram Kareem to the US last month. Balakrishnan also travelled to Singapore and Australia to promote the meet.

About two million Keralites are now settled abroad with close to 90 percent of them working in the Middle East.