Kerala summit ends with $1-trillion economy dream

With the dream of achieving a $1-trillion (Rs 88 lakh crore) economy, the two-day Invest Kerala Global Summit-2025 concluded at Kochi on Saturday.

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The summit, opened by Chief Minister Pinarayi Vijayan on Friday, was attended by over 3,500 delegates, including captains of industry from India and abroad.

In his presidential address at the valedictory function, Minister for Industries, Law and Coir P Rajeeve said 374 companies had shown interest in establishing, diversifying and reinvesting in the state.

The government had received expressions of interest (EoIs) for investments worth Rs 1,52,905.67 crore, he said.

Twenty-four IT companies expressed interest in expanding their operations with additional investment of Rs 8,500 crore and the creation of 60,000 jobs.

Stating that the government was seeking “realistic” proposals, the minister said a committee would be set up to frame guidelines for the utilisation of the plantation grant, and a minister-level committee would offer exemptions from land rules.

During the closing ceremony, Minister for Finance KN Balagopal said there was stability in the government’s policies, boosting the investment sector.

The summit also included country-focused sessions that explored investment opportunities from Germany, Vietnam, Norway, the UAE, France and Malaysia. Ambassadors from various countries also participated in the event.

The summit featured 30 special sessions and an exhibition of over 100 enterprises reflecting various sectors.

Earlier, in his special address, Kerala State Industrial Development Corporation (KSIDC) chairman C Balagopal said Kerala’s gross state domestic product (GSDP) had doubled every six-seven years since 2000. He said strategic investments, sustainable initiatives, connectivity, and a thriving entrepreneurial ecosystem were the key enablers for growth. “During 1950-70, land reforms created an equitable society and distributed economic power. From 1980-90, the state was able to build a productive workforce and a high human development index,” he added.

“Kerala is amazing... the feel of Kerala is difficult to resist. The state has a vibrant cultural scene and rich culinary traditions, much like France. Kerala has achieved what no other Indian state has achieved in terms of human development,” French Consul General for Puducherry and Chennai, Etienne Rolland-Piegue remarked.

‘Potential to expand aerospace, defence sectors’

At a session on ‘Strategic Advantage for Aerospace and Defence Innovation and Collaboration,’ panellists called for greater synergy between the public sector, industry, and startups to support India’s indigenisation programme.

G Levin, CEO of KSPACE, highlighted the exponential growth of India’s space economy in the coming years. Rear Admiral Sarath Aashirvad, Assistant Chief of Material (IT&S) for the Navy, said the country’s massive shipbuilding project incorporated a strong indigenous component.