UAE-based Sharaf group announces Rs 5,000 cr investment in Kerala

In a move that will create more job opportunities in Kerala, UAE-based shipping and logistics giant Sharaf Group on Saturday announced an investment of Rs 5,000 crore in the state over the next five years.

Sharaf Group Vice Chairman, His Excellency General Sharafuddin Sharaf, made the announcement at the Invest Kerala Global Summit here.

He said that the shipping and logistics giant, which has been operating in India for the past 28 years and has a presence in more than seven major cities across the country, chose Kerala for investment due to the state government's initiatives to simplify the ease of doing business.

Another factor, he said at a press conference during the summit, was the large pool of highly educated and capable human resources available in the state.

Sharaf also said that not only in Kerala but in many other cities of India, the ease of doing business was simple, the company received a lot of support, and "things were getting done much faster."  He said that the company would be investing in two dry ports in the state, the locations of which would be finalized after discussions with the state government.

"I hope this investment decision will bring a lot of work and business from the other side of the world to Kerala. As you all know, investment attracts more investment. As more people come, it will energise the sector," he added.

"So, I wish the Kerala government all the best in its initiative to make the state more attractive for business," Sharaf said.

The announcement was welcomed by state Industries Minister P Rajeeve, who termed it "positive news" for Kerala.

He said the investment would create a large number of job opportunities, and the arrival of the Sharaf Group in Kerala would encourage more companies to invest in the state.

"Further discussions will be held," he said in a Facebook post.

The two-day Invest Kerala Global Summit commenced here on Friday.

The summit is being hosted by the Government of Kerala with the support of various industry organisations.

The event focuses on multiple key sectors, including AI and robotics, aerospace and defence, logistics, maritime, packaging, and pharmaceuticals.