Kerala Sets Sights on Medical Device Industry with Rs 1.18 Lakh Crore Investment Hopes

Kerala Industries Minister P Rajeev announced promising discussions with 42 medical device industrialists following his return from the WEF meeting in Davos. The state seeks to attract Rs 1.18 lakh crore in investments and expand its medical device sector, aided by new initiatives and strategic partnerships.

Kerala Industries Minister P Rajeev, fresh from his visit to the World Economic Forum in Davos, announced significant engagements with 42 medical device industrialists to enhance investments in the state.

The discussions, involving 22 foreign companies, followed the Kerala government's signing of Letters of Intent (LoIs) for investments worth Rs 1.18 lakh crore. Several companies showed interest in establishing production facilities in Kerala.

Rajeev highlighted that Kerala is becoming a hub for the medical device industry, contributing 24% of the national turnover. New initiatives, such as the CSIR-NIST Innovation Centre, are paving the way for future growth. The state's Environment, Social, and Governance policy, along with carbon neutrality goals, have garnered international interest.

(With inputs from agencies.)