Davos [Switzerland], January 23 (ANI): Kerala Industries Minister P. Rajeev on Thursday said the state is aiming to sign expressions of undertaking (EOUs) worth more than $14 billion at the World Economic Forum (WEF) 2026 in Davos, with a strong focus on knowledge-based and future-ready sectors.
Speaking on the sidelines of the annual global meet, Rajeev said Kerala engaged with more than 60 investors and potential investors, marking a shift in strategy from previous editions of the forum.
“We met more than 60 investors and potential investors. Last time we didn’t focus on EOUs, LOUs, or MoUs. At that time, we tried our best to showcase the potential of the state of Kerala. This time we are focusing on EOUs. We could sign proposals worth more than $14 billion,” the minister said.
He added that the majority of the proposals were in sectors such as renewable energy, artificial intelligence, data centers, medical devices, electronics manufacturing, wellness centers, and other knowledge-driven industries.
“Most of them belong to renewable energy and AI, data centers, medical devices, electronics industries, and also wellness centers, all knowledge-based industries. We are engaging officers for each and every EOU, and I think we could materialize most of them into reality,” Rajeev said.
Highlighting Kerala’s ambition to emerge as a major hub for Global Capability Centers (GCCs), the minister said the state’s skilled workforce gives it a competitive edge.
“GCC, the Global Capability Center, is one of the emerging sectors, and India is one of the destinations. Kerala should definitely be a major destination for GCCs because the major requirement is a highly skilled, talented pool. Our strength is highly skilled human resources,” he said.
Rajeev further revealed that the state has signed an EOU to establish two GCC cities in Kochi and Thiruvananthapuram.
“We have signed one EOU to establish two GCC cities in Kochi and Thiruvananthapuram. We are now trying to develop a global city in Kochi, and we have a very good Technopark in Thiruvananthapuram,” he said.
Calling the proposal significant, the minister added that it comes from one of the world’s largest GCC providers and is expected to attract major global companies to set up operations in Kerala.
“I think most of the big companies will utilize this opportunity to establish their GCC in the state of Kerala,” he said.
Rajeev highlighted the state’s competitive advantage for investors, noting that while other states may offer more free land, Kerala provides a readily available talent pool and transparency with no hidden costs.
On expectations from MoUs signed at global summits, he said Kerala has shown strong conversion rates in the past.
“Normally in India, as per several media reports, the conversion rate for MoUs signed at global summits is 10 to 15 percent. Within 10 months, we could convert 24 percent into the construction stage. Within two months, I hope 50 percent should be converted to the construction stage,” he said.
He added that while some MoUs may not be suitable for the state, most can be converted into construction and industrial stages.
“This is only a beginning. We will go through all the data regarding those companies. One officer is working on that. Thereafter, the next step will be signing the MoUs. After that, I think most of the MoUs can be converted into reality,” Rajeev said. (ANI)
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