Kerala signs Rs 850 crore FDI deal with UAE firm for Technopark-III; expected to generate 10,000 jobs

Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan announced on Wednesday that the state has signed a Letter of Intent (LoI) with UAE-based Al Marzooqi Holdings FZC for an Rs 850 crore Foreign Direct Investment (FDI) in the development of Technopark Phase III.

In a post on 'X', the Chief Minister stated that the LoI was signed for the Meridian Tech Park project, which will be established in Technopark Phase III.

Vijayan highlighted that the project is designed with a focus on sustainability and collaboration, aiming to generate over 10,000 jobs. He described it as a symbol of Kerala’s vertical growth and expanding global presence. "With this project, Kerala’s journey to become a global innovation hub is taking a bold leap forward," the Chief Minister added.

In a subsequent Facebook post, Vijayan emphasized that the project will mark a new milestone in Kerala’s technological progress. "Besides boosting the IT sector, this initiative will also bring about significant changes in the state’s employment landscape," he said.

The CM further stated that the Meridian Tech Park will feature an AI laboratory, enabling even small companies to harness the potential of artificial intelligence.