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Kochi is the
economic capital of Kerala by volume of trade; though, unlike
other South Indian cities, Kochi has been slow to
industrialise. In recent years the city has rejuvenated from
its economic stagnation and has witnessed heavy investment,
thus making it one of the fastest-growing second-tier metro
cities in India. The economy of the city can be classified as
a business economy with emphasis on the service sector. Major
business sectors include gold and textile retailing, seafood
and spices exports, information technology (IT), tourism,
health services, banking, shipbuilding, and the fishing
industry. The economy is mostly dependent on trade and retail
activities. As in most of Kerala, remittances from
non-resident Indians (NRI)s is a major source of income. The
city also houses Kerala's only bourse—the Cochin Stock
Exchange.
Kochi is a major destination for IT and ITES companies, ranked
by NASSCOM as the second-most attractive city in India for
IT-based services.[30] Availability of cheap bandwidth through
undersea cables and lower operational costs compared to other
major cities in India, has been to its advantage. Various
technology and industrial campuses including the government
promoted InfoPark, Cochin Special Economic Zone and KINFRA
Export Promotion Industrial Park operate in the outskirts of
the city. Several new industrial campuses for research, trade
and development in biotechnology, electronic hardware and
information technology are in various stages of construction
in the suburbs of the city. Prominent among them are the Sobha
Hi-tech city at Maradu and the SmartCity at Kakkanad, which on
completion, would rank among the largest such ventures in the
country. The Kochi International Trade and Exhibition Centre
which is proposed at Kalamasserry, a suburb of Kochi, would
rank among the tallest buildings in India at 500 meters (100
floors) upon completion.The Cochin International Airport is
also in the process of setting up an aerotropolis at
Nedumbasserry.
Eloor, situated 17 kilometres (10.5 mi) north of the city, is
the largest industrial belt in Kerala, with more than 250
industries manufacturing a range of products including
chemical and petrochemical products, pesticides, rare earth
elements, rubber processing chemicals, fertilisers, zinc and
chromium compounds, and leather products.
Kochi is the headquarters of the Southern Naval Command, the
primary training centre of the Indian Navy. The Cochin
Shipyard in Kochi is the largest shipbuilding facility in
India. The Cochin fishing harbour, located at Thoppumpady is a
major fishing port in the state and supplies fish to local and
export markets. To further tap the potential of the all-season
deep-water harbour at Kochi, an international cruise terminal
and several marinas are being constructed.
Exports and allied activities are also important contributors
to the city's economy. The Cochin Port currently handles
export and import of container cargo at its terminal at
Willington Island. A new international container transshipment
terminal—the first in the country—is being commissioned at
Vallarpadam. Kochi's historical reliance on trade continues
into modern times, as the city is a major exporter of spices
and is home to the International Pepper Exchange, where black
pepper is globally traded. The Spices Board of India is also
headquartered in Kochi.
Kochi also has an oil refinery—the Kochi Refineries (BPCL)
at Ambalamugal. Central Government establishments like the
Coconut Development Board, the Coir Board and the Marine
Products Export Development Authority (MPEDA) have head
offices located in the city.
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