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South Koreans to invest $20 million in Kerala

Tuesday, 12 November 2002, 00:00 Hrs

THIRUVANANTHAPURAM: A South Korean delegation's decision to invest about $20 million in Kerala has come as a shot in the arm for the cash-starved state that is gearing up for a massive investors' meet.

Park Chan Dong, secretary general of the Korean Federation of Small and Medium Business, announced during a meeting organised by the Kerala Management Association and the Indian Chamber of Commerce and Industry in Kochi late Monday that South Korean companies would set up plastic injection moulding units in the state.

"We have been across the state and the exact location would be announced before the coming year. We are expecting close to 10 companies presently engaged in this business in South Korea would be relocating to Kerala and would function as an export unit," said Park.

The announcement was greeted with tremendous enthusiasm by the state government, which is preparing to host the Global Investors' Meet (GIM) in Kochi in January.

Jiji Thompson, managing director of the Kerala State Industrial Development Corporation that is organising the GIM, said the announcement would certainly generate excitement at the investors' meeting.

"The biggest positive aspect of the all the preliminary roadshows that we did in the U.S., Britain, Europe, the Far East and the Middle East is that people are now willing to listen to us. Some still have doubts, but that is understandable. We are all positive that the GIM would have a huge impact," Thompson said.

Kerala is expecting another major announcement from the visiting South Korean business delegation shortly on a proposal to establish a Korean Village on a 50-acre plot that could host up to 15 different industries.

And during the GIM, South Korean entrepreneurs are likely to decide on setting up a ship repair unit at Kochi.

"The exact details with regard to the ship repair unit would be revealed at the GIM when we come back in January," said Park, who is CEO of the Sigma Group of Companies.

The South Koreans also expressed interest in starting a professional international school in Kerala with emphasis on IT. If that dream is realised, the school would cater to students from South Korea, Malaysia and Japan.

"This project is still in the early stages and more deliberations are required," Park said.

Source: IANS

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