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Our Bureau

$350-m project to be a milestone in State's industrial growth

Thiruvananthapuram May 13 The Kerala Government has signed the final agreement with Tecom Investments, promoters of the Dubai Internet City, for setting up the Smart City in Kochi.

Mr Ahmad Bin Byat, Executive Chairman, Tecom Investments, and Ms Lizzie Jacob, Chief Secretary, Kerala, signed the agreement in the presence of the Chief Minister, Mr V. S. Achuthanandan, at a ceremony here on Sunday.

PROTRACTED DIALOGUE

The agreement marked the culmination of a long-drawn process of dialogue and interaction involving successive State Governments. Kochi will join Malta as the first two members of a global network of knowledge-based industry townships that Smart City seeks to create.

The $350-million project in Kochi will cover one million sq m of land, creating an infrastructure and environment for the knowledge-based industry to grow and flourish along the lines of the successful models of Dubai Internet City and Dubai Media City. It will have a built-up space of 8.8 m sq ft.

According to Mr Achuthanandan, Smart City will play a key role in tapping the State's enormous potential for development of key industries such as the ICT (information and communication technology) and media. He also reminded the Tecom representatives to adhere to eco-friendly norms while developing the mega project.

`MUTUALLY BENEFICIAL'

Mr Bin Byat said that the agreement reached with the State Government presented a win-win situation for both parties. Tecom intends to develop Smart City into a new hub for excellence in knowledge-based industries. Kochi would be an important `node' in the network of Smart Cities being developed globally.

Employment opportunities will also become available in the areas of administration, hospitality, consultancy, construction, tourism, retail and logistics, among others. It is hoped that global and national players, a number of whom have already demonstrated significant interest in the project, will look at Smart City to base their India operations and business.

`ONGOING PROCESS'

Later, addressing the media, Mr Bin Byat said that growth and investments in Smart City would be an ongoing process. It is not proper to expect immediate returns, since the mega project is intended to be a long-term player at a "location of Tecom's choice."

A profile of intending investors would be available only after a master plan is readied and Tecom rolls out the road show that would travel to various parts of the world. The master plan will take at least a year to complete, Mr Bin Byat said.

Among those present at the pact-signing ceremony were Mr Farhan Faraidooni, Executive Chairman, Sama Dubai, a Tecom partner; Mr Abdullalatif Almulla, Chief Executive Officer, Tecom Investments; Mr Fareed Abdulrahman, Executive Director, Smart City; and Mr K. R. Jyothilal, Secretary, IT, Kerala.

More Stories on : Infrastructure | Kerala

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