Kerala minister to visit Gulf to promote investment

Wednesday, 02 April 2003, 20:30 IST
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THIRUVANANTHAPURAM: Unfazed by the war in Iraq, a Kerala minister will visit the Gulf later this month to persuade expatriates to pick up stake in a company formed to promote development of the state. Minister for Non-Resident Keralites M.M. Hassan will travel to the United Arab Emirates, Qatar and Oman to market ROOTS-Norka, a company floated by the Kerala government last year. During the visit, Hassan will also promote the Pravasi Insurance Scheme, a joint venture between the Kerala government and the Life Insurance Corporation of India. He also hopes to visit Kuwait and has sought permission from the external affairs ministry to do so. "We envisage selling shares of ROOTS-Norka to non-resident Keralites. Several NRKs have expressed their desire to invest in this company," Hassan told IANS after a meeting of the state assembly's committee on NRKs. "We plan to sell only 49 percent stake in the company. The exact amount of the share capital to be raised and other details would be worked out shortly," said Hassan. One of the key objectives of enlarging the scope of ROOTS-Norka is to set up a training institute for the welfare of NRKs and those who return. "The job scenario in the Middle East is changing fast and what is required is value addition to the educational and technical qualifications of those already working there and those who have returned," said the minister. The company could also invest in entrepreneurial ventures in the state to provide jobs to returning NRKs. Speaking about the insurance scheme, he said: "We have had a good response to it but we feel there is a bigger market to be tapped".
Source: IANS
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