The Kerala government participated in the World Economic Forum (WEF) held in Davos, Switzerland. The gathering, held between January 20 and January 24, saw participation from Kerala after 19 years. It was also the first time that a Left Democratic Front (LDF) government attended the event. Every year, global elites gather at the WEF Event to discuss pressing issues of world importance.
The delegation at WEF was led by CPI(M) leader and state industries minister P Rajeeve. The meetings were conducted inside the pavilion which attracted delegations and investors from across the world. For the Kerala state government, this was a major opportunity to reach out to investors ahead of the State Investment Summit scheduled for next month.
Kerala last participated in the WEF Summit in 2006 under the leadership of the then Chief Minister Oommen Chanty of the Indian National Congress. During that time, the delegation made presentations on the progress of the state on various funds. While this time, Rajeeve led a high-level delegation of senior bureaucrats who could participate in diplomatic dialogues with world leaders.
LDF Targets Investors in WEF
“After a long period, Kerala could showcase the state’s potential in the WEF to attract investment. We had 60 one-to-one meetings, apart from four such events with ministerial delegation. Our participation helped to change a deep-rooted perception that Kerala is not investor-friendly. Delegations led by ministers of various countries turned up at our pavilion for discussion on investment,” said leader Rajeeve after returning from the event at Davos.
The minister also said that the central concerns of the state government or the delegation were not dialogue at the WEF. Instead, the agenda was to showcase the state and its huge potential in various sectors on the global stage. “We considered the event as a single point to meet investors from various countries. Otherwise, we would have to make trips to various countries.” Rajeev added.
As for now, the delegation has not made any declaration on investments or signed MoUs.
“We could ensure the participation of more investors and delegations from the country for the Invest Kerala Global Summit slated for February 21 and 22 in Kochi. In the investor’s meeting, the state will highlight the potential of knowledge-based and medical device industries. Kerala is already a major player in this sector and the state accounts for 20% of the industry at the national level.” commented Rajeeve.
Kerala’s Industrial Performance
In 2024, Kerala topped the Ease of Doing Business Reforms ranking published by the Union Ministry of Commerce and Industries. The country led in two categories of business-centric reforms and seven categories of citizens-centric reforms that were considered for the ranking. Other than this, the state has always topped major social rankings based on education, gender, equality, and average income. Business-centric reforms in Kerala are facilitating utility permits for businesses and paying taxes. Under the business reforms action plan, Kerala has moved ahead from the 28th position to the 15th position in 2023-24.
According to the 2024 Global Start-Up Ecosystem Report (GSER), released by a US-based start-up Genome and Global Entrepreneurship Network, the start-up ecosystem in Kerala has grown five times faster than the global average. This report was released last June.
The Union Ministry of Commerce and Industries also declared Kerala as the best performer in the fourth edition of the State Start-Up ranking of 2022. This success cannot only be attributed to the LDF government but also to subsequent governments elected by the residents of the state.
State Congress Vice President, BT Balaram, said that Kerala’s participation in such events should have happened much earlier since the state has a lot of potential.
“The CPI(M) had stalled economic progress and investment in Kerala. Thus, Kerala has lost several opportunities. Now it is belated wisdom. This is evident in the CPI(M)’s decision to allow foreign universities in Kerala, which they opposed vehemently in the past. Of late, the CPI(M) has realised that the party has to change its stance if Kerala has to move ahead.” said Balram.
