Our Special Correspondent
Daijiworld Media Network
Bengaluru, Oct 12: Industries Minister M B Patil and IT/BT Minister Priyank Kharge, who have returned after a 12-day US tour with a delegation comprising senior officials, have claimed that Karnataka continues to be one of the most sought-after investment destinations for the top global IT and BT companies.
Many US-based firms have envisaged keen interest in expanding their operations in the state, thanks to the efforts of the business promotion delegation.
The state is expected to see expansion of operations by many companies apart from fresh investments, generating huge employment opportunities for talented youth.
The delegation consisted of the Secretary to the Government, Department of Electronics, Information Technology Biotechnology and Science & Technology DrEkroopCaur.
They held 15 interactive meetings and discussions, comprising 13 one-on-one meetings and two interactions with various companies and explored potential collaborations on joint skilling initiatives and establishing Centers of Excellence (CoE) with the State Government in Electronics & Semiconductor, Aerospace & Defence, auto/EV, precision manufacturing and Med-tech sectors.
The ministers and the officials from the IT/BT Department joined Large and Medium Industries Minister MB Patil and team during the second leg of their US visit.
“During our discussions we offered all possible support to the companies to invest in Karnataka and briefed the Global CXOs about the state’s ease of doing business, favourable sectoral policies, competitive incentives, and available industrial infrastructure and talent pool in the state. Our main objective was to showcase Karnataka as an attractive investment destination,” said Kharge.
The delegation visited several firms in Washington DC, Boston, Texas, and the Bay Area. While India is a top choice for American companies, Karnataka, in particular, is favoured for its robust industrial ecosystem complemented by world-class social infrastructure, improved ease of doing business, a highly skilled and trained labour force, and investor-friendly policies.
These policies, which include multiple financial incentives, contribute to creating a u cost-economic environment, further solidifying Karnataka's status as a preferred destination for businesses.
Emphasising the importance of the visit, the minister said: “This visit to the US at this juncture was necessary and very important considering the fast-changing geo-political dynamics. A large number of global investors and companies are looking at India as an attractive, safe destination for investment and expanding their existing facilities.’’
The central themes of discussions with industry leaders centred on joint skilling initiatives, expansion of the supplier base, strengthening the existing R&D ecosystem, and collaboration on establishing Centers of Excellence with the state Government.
The delegation met senior executives of global companies like Applied Materials, AMD, Juniper, LAM Research, Apple, Western Digital and Leo Labs, among others. These companies have shown interest in investing in Karnataka. They have been invited to the Tech Summit to be held from November 29 to December 1.
The minister also held a meeting with professors from Stanford Bio Design, who showed interest in working on setting up a COE on Med tech. Also, many Venture Capitalists have shown keen interest in investing in start-ups that are working on projects that will have a positive social impact.
Big boost for start-ups:
The minister also held discussions with TIE Global. During the meeting, it was decided that TIE Global will be hosting its annual conference in Bengaluru next year. It is a very prestigious event that is coming first time to India. This will give a big boost to the domestic ecosystem and will be a great opportunity for start-ups in Karnataka to participate and get noticed at a global level.
The state along with TIE Karnataka will participate in this year’s TIE Global event being held in Singapore in November 2023, and will take along 100 start-ups from Karnataka. Many of them are also start-ups that have been nurtured under Elevate programme of IT/BT Department.