London Stock Exchange is one of the oldest stock exchanges. 2600 companies from 60 countries are part of it. It is a matter of immense pleasure to have been able to open the London Stock Market for trade on 17th May. Beyond the personal happiness, this feat is an acknowledgement for Kerala at the global level.
The invitation for the same was offered by the stock exchange officials in connection with the listing of Kerala Infrastructure Investment Board (KIIFB) Masala Bond on the London Stock Exchange. Finance Minister Thomas Isaac and KIIFB Chief Executive Dr. K M Abraham also participated in the ceremony. The opening of stock market was ensued by a conversation with the stock exchange officials.
KIIFB Masala bonds are issued in order to collect money for the infrastructure development in the state. A bond that is issued outside India but denominated in Indian Rupees is called Masala Bond. The advantage is that the fluctuations in the exchange rate between Indian Rupee and Foreign currency will not affect the company or institution that issues these bonds. The risk is for those who invest in the bond. KIIFB has decided, with the due permission of the Reserve Bank, to collect 3500 crore rupees from the foreign market in the first phase. KIIFB Bond will also be listed on Singapore Stock Exchange.
Kerala is committed to ensure best infrastructural facilities in order to attract industrial investment. Financial constraints will not be an impediment in providing infrastructural facilities of an international standard.
Government is intervening with a realization that Kerala is lagging behind as an industrial investment hub. The government has already made policy framework for streamlining the industrial activities. Accordingly, changes have been made in laws and administrative procedures. Many a steps have been taken by the government to create an investment-friendly atmosphere. A single-window arrangement has already been set up to give online permissions for business. The bureaucratic inspection before the setting up of business has been done away with. Returns can now be filed online. Tax payment is also online.
All the procedures for industrial permissions have been made simple and transparent. Those who wish to invest in the industrial sector in Kerala will get good consideration from the government.
However, government will also make sure that the industrialization is not jeopardizing the environment. Legislations for the benefit of people’s welfare will also be carried out without fail.
Large scale IT companies are now in operation in government IT parks. Apart from this, Kerala is able to attract investment in other sectors too. The top priority of the government is to provide the youth with dignified job opportunities through industrial development. Improving basic amenities, creating highly qualified human resources and generating more investment opportunities by simplifying procedures are the immediate objectives of the government.
Large section of the tourists visiting Kerala are from Britain. However, the investment in tourism sector from Britain is below par. This shall also be rectified.
During the meetings held as part of the visit, entrepreneurs from the UK were invited to invest in Kerala. Investors were invited to our state in order to prove that Kerala is investment friendly both in word and deed.