Kerala Announces Incentive Plans Targeting Dubai, Riyadh Firms: Report (image@infoparksKerala)
Kerala is all set to announce a set of attractive incentive packages to lure the corporate big names from the Middle East, especially from Dubai and Riyadh in Saudi Arabia, the two raising global business hubs, to set up technology centres or back up operations in the vast IT parks in the state. The incentives also include reduced land lease charges and rental costs.
Top team of Kerala government’s IT department and three major IT parks are scheduled to visit Saudi Arabia during the first week of March, coinciding with Riyadh’s LEAP 2024, to hold interactions and make presentations to technology majors from both international and regional level, in a rather concerted effort to market the state-of-the art facilities and talents available in the states.
The IT park management of the Kerala will also offer aid in providing tech talents across segments, especially individuals who have years of experience in the UAE and other wider region, to companies, banks and other organisations which are willing to house their back-end operations or technology centres in the state.
The CEO of Infopark told Arabian Business that the draft policy of the proposed incentive packages is ready and is currently going under finalisation. He said, “Though the incentives will applicable to all companies, irrespective of their place of origin, we will be making a concerted effort to highlight the incentives, especially those to land lease and rental costs and talent support, to woo companies from major Middle East business hubs such as Dubai and Riyadh to get them to locate their technology centres or backend operations in our IT parks,”.
Officials familiar with the Kerala government’s new move said that the government’s strategy is to act complimentary to the big bang moves from the UAE and Saudi government to make cities like Dubai, Abu Dhabi and Riyadh a global business hubs with multi-billion investment plans.
Saudi Arabis also mandated the overseas companies to set up their regional headquarters in the country as a bid for the businesses there. the concerted policy making and financial pushes can be said to pay off well as Dubai and Riyadh are seeing global and regional biggies setting up their regional headquarters for the Middle East expansion.
Kerala government hopes to benefit from the influx of global companies into Abu Dhabi and Riyadh by encouraging some of them to consider the well established IT parks in Kerala to host their backend or IT- activities.
Official sources said that beside the heavy discounts on land lease charges and rental costs, the proposed incentive package of Kerala will also offer further discounts on rentals in case the companies employ more women or disabled person.
Also, companies setting up operations in the three major IT parks in the state, Technopark in Thiruvananthapuram, Infopark in Kochi and Cyber Park in Kozhikode, will also get tax and other financial incentives under the provisions of special economic zones.
