Kerala has secured Letters of Intent (LoIs) worth ₹1.18 lakh crore (USD 14 billion) in investment commitments from various foreign companies at the World Economic Forum (WEF) in Davos, Switzerland. This was announced by Kerala Industries Minister P. Rajeev on Friday.

The LoIs were signed with 27 companies from the United States, United Kingdom, Germany, Spain, Italy, and South Africa. These companies operate in sectors including medical technology, renewable energy, data centers, and other emerging technologies.

Minister Rajeev highlighted that this is the first time Kerala has attracted investment from the WEF. The Kerala delegation held discussions with representatives from 67 companies over three days during the WEF, which took place from January 19 to 23.

The state government will assign officials to follow up on the LoIs to facilitate their conversion into actual investments. Rajeev noted that over 100 companies that signed LoIs at the Invest Kerala Global Summit in Kochi last year have already entered the construction phase.

Kerala's focus on knowledge-based and future-ready sectors, such as renewable energy, artificial intelligence, data centers, medical devices, and electronics manufacturing, has been a key factor in attracting these investments. The state is also promoting itself as a digitally literate region with internet access as a basic right for its citizens.

Furthermore, Kerala has adopted an Environmental, Social, and Governance (ESG) policy, the first state in India to do so. Minister Rajeev stated that this ESG policy serves as an incentive for increased investment in the state. He also emphasized Kerala's commitment to balancing nature, people, and industry, given its ecologically sensitive land. The state has formulated a new industrial policy to reflect this commitment.

Kerala is also streamlining the process of establishing industries in the state. Minister Rajeev mentioned that Kerala's single-window clearance mechanism is one of the best in the country. Industries with investments below ₹100 crore do not require licenses for the first three and a half years, provided they do not fall under the red category. For larger investments, the state legislative assembly has passed a law to establish a bureau that will provide composite licenses within seven days of application, assuming all relevant documents are submitted. He also emphasized the transparency of the system, stating that there are no hidden costs associated with establishing an industry in Kerala.