Dec. 4, 2009 (The Hindu Business Line) --

Our Bureau

Kochi, Dec. 4

The Cochin Chamber of Commerce and Industry has called upon Central and State Governments to make a realistic assessment of the impact of the debt crisis in Dubai on the State's economy.

Addressing the 152nd annual general meeting, the Chamber President, Mr Satish Murti, expressed concern over the recent crisis in the UAE, which sent shock waves in the State.

Since the repercussions are far and wide, there is an urgent need to make a realistic assessment as almost a quarter of State's GDP comes from remittances from the UAE.

Besides the crisis is likely to have an impact on the much-touted infrastructure projects in Kochi, he said. The Chamber President also called upon the political leadership in the State to prepare themselves to tackle unemployment and bankruptcy and to improve infrastructure and the State's image.

Unless the State improves infrastructure, power, waste management (NYSE:WM) , creation of schools and colleges, there will be no meaningful growth in the real estate sector, he said.

The Chamber, he said, has always tried to project Kerala as an investment-friendly destination.

However, to invite investments, there is a need to adopt and adapt to changes quickly in order to improve productivity and efficiency, thereby improving the competitive edge, he added.