Kerala’s investment-friendly ecosystem makes the State an ideal offshore destination for companies in the US taxation industry which is ever increasingly searching for talented and skilled professionals, according to Minister for Law, Industries and Coir P. Rajeev.
Inviting America’s taxation and accounting companies to set up offices here, he highlighted the quality of Kerala’s human resources in the domain, backed by vibrant education and skilling ecosystem as well as excellent physical and social infrastructure, besides robust connectivity that can make it a preferred investor destination.
Interacting with experts from various companies in the segment, Rajeev recapped the State’s achievements in the field. Addressing the ‘US Tax Industry Meet’, the Minister said Kerala, in its Industrial Policy 2023, has identified 22 sectors of potential investment, eligible for attractive incentives for investors. Companies can leverage our amazing talent pool and infrastructure facilities.
Principal Secretary (Industries) Suman Billa said the State’s ESG-focused Industrial Policy aims to build an Industry 4.0-ready ecosystem by 2027 so as to generate responsible investments and foster innovation across sectors. One of the focus pillars is building futuristic skillsets for employment.
Noting that the State is “rapidly migrating” to a knowledge economy, he said Kerala provides access to future-ready skilled workforce.
Proposed GIFT City
As for the proposed Global Industrial Finance and Trade (GIFT) City at Kochi, Billa said it will be an integrated centre for innovation and growth with an emphasis on boosting fintech and forging alliances with top fintech hubs.
Elaborating on the investment avenues for US Taxation Industry, he suggested the joint establishment of innovation labs with universities in Kerala and an International Taxation Centre with Gulati Institute of Finance and Taxation. Dedicated taxation technology parks can be set up in the key cities of Kerala. The US taxation companies will get state-of-the-art infrastructure here.
Usha Titus, who is the Chairperson and Managing Director of Additional Skill Acquisition Programme Kerala, said the US taxation industry’s presence will enable Kerala’s students to do longer internships. This will in turn provide better access to employable workforce.
The experts, while lauding the initiatives of the government in honing the skills of youngsters, noted that the US was facing shortage of skilled professionals in taxation and accounting segment.
According to them, companies are looking for talent, for which they would provide stronger industry-oriented training on the technical side. US firms have started establishing offshore offices in places that have skilled human resources in taxation. They also reiterated the focus needed on the soft skill side for employees in view of the increased importance of client-side dealings.