India introduces attractive incentives to lure businesses from the UAE and Riyadh
Kerala, the southern Indian state, is gearing up to unveil enticing incentive packages aimed at attracting corporate giants, particularly from Dubai and Riyadh, to establish technology centers or backup operations in the state's expansive IT parks.
The incentive packages include reduced land lease charges and rental costs, making it an appealing prospect for businesses. A delegation from the state government's IT department and three major IT parks is scheduled to visit Riyadh in March to engage with technology majors during LEAP 2024, showcasing the state's advanced facilities and skilled workforce.
The incentive package, currently in the finalization stage, will provide benefits to all companies, with a targeted effort to attract businesses from key Middle East hubs like Dubai and Riyadh. The emphasis will be on highlighting incentives related to land leases, rental costs, and talent support. The IT park management plans to offer assistance in providing tech talents, particularly those with extensive experience in the UAE and the wider region, to companies willing to establish their technology centers or back-end operations in Kerala's IT parks.
Sushant Kurunthil, CEO of Infopark, confirmed the readiness of the draft policy on the proposed incentive package, underscoring the concerted effort to attract companies from major Middle Eastern business hubs. Kerala's strategy aligns with the UAE and Saudi Arabia's efforts to position Dubai, Abu Dhabi, and Riyadh as global business hubs through substantial investment plans.
Saudi Arabia's mandate for overseas companies to establish regional headquarters in the country has already seen significant success, with Dubai and Riyadh witnessing the establishment of regional headquarters by various global and regional companies.
As Kerala aims to capitalize on this trend, encouraging some of these companies to consider its well-established IT parks for their backend or IT/ITES-related activities. The state's incentive packages and strategic approach seek to complement the ambitious initiatives of the UAE and Saudi Arabia in transforming their cities into global business hubs.