Bangalore: Global Investors’ Meet Gets Off to a Flying Start

By Gabriel Vaz
Daijiworld Media Network - Bangalore

Bangalore, Jun 3:  Karnataka’s ambitious Global Investors’ Meet (GIM), aimed at showcasing the strengths, vast potential and investment opportunities in the State, got off to a flying start with Memoranda of Understanding (MoUs) for as many as 38 projects involving a total investment of Rs 1,96,839.94 Crore covering diverse sectors being signed soon after the inaugural function. The signing of MoUs continued during the entire day and may well touch the Rs 3 lakh crore mark by evening.
 
Four of the biggest investment proposals are in the steel sector with captive power plants involving a total investment of Rs 1.18 lac crore comprising Arcelor Mittal Rs 30,000 crore, Bramhani Industries Karnataka Ltd Rs 36,000 crore, Bhshan Steel Ltd Rs 27,928 crore and Surya Vijayanagar Steel & Power Ltd Rs 24,000 crore.

The GIM was inaugurated by BJP’s opposition leader in the Rajya Sabha Arun Jaitely in the presence of Union Ministers M Veerappa Moily and Subodh Kant Sahai, global steel giant Arcelor Mittal’s chairman and chief executive officer Lakshmi Mittal, Planning Commission member Dr K Kasturirangan and captains of Indian industry Kumara Mangalam Birla, Sajjan Jindal, Shashi Ruia, Azim Premji, Kris Gopalakrishnan and Vijay Mallya and many other top dignitaries at the Bangalore Palace Grounds on Thursday, June 3.

While Lakshmi Mittal was the star attraction among domestic and international business leaders and entrepreneurs, the entire GIM show with its elaborate arrangements was a testimony to the acumen and leadership of Karantaka chief minister B S Yeddyurappa, who proudly proclaimed in his inaugural speech: ``This Global Investors’ Meet of today and tomorrow is a big step forward in realizing the Vision 20:20 for Karnataka. We want it to result in doubling the investments and employment opportunities in the next two to three years, which in turn double the State revenues in 3 to 4 years due to accelerated industrialization across the state.”
 
Jaitely, Moily, Sahai as well as Kasturirangan and other captains of industry warmly appreciated the initiative and forward-looking policies of Yeddyurappa in organizing the biggest-ever Global Investors’ Meet just as the global economy was showing signs of recovery from the economic recession and consequent meltdown. ``Karnataka has set the trend and economic agenda for other states, which are also likely to benefit when investors turn to look towards India,” remarked Jaitely while Moily promised all help and assistance from the Centre for the State’s pro-active stance.
 
Yeddyurappa set the tone for the GIM by declaring: ``We want to make Karnataka a model State globally. I want my State to march ahead on the path of progress. We want to achieve rapid and unparalleled growth, leading to a quantum jump in the human development indicators. We also want to achieve equitable development, covering all sections of people and regions of the State.’’
 
Extolling the many advantages and opportunities of Karnataka, Yeddyurappa said the abundant natural resources, highly talented human resource and the progressive-investor friendly policies on industry, infrastructure, tourism, IT/BT, minerals, textile and renewable energy were the State’s hallmarks. The Government has already approved projects with a generation capacity of over 16,000 mw and total investment of Rs 20,000 crore in the tourism sector, he said adding: The State is developing software, hardware and aerospace parks near Bangalore International Airport Ltd in 3,000 acres of land along with Informational Technology Investment Region in an area of 10,000 acres in Bangalore north region.
 
"Global Investors’ Meet is an ideal opportunity for wooing industries and business enterprises to Karnataka not only from India but even from other countries when the global economy is showing signs of recovery,” said Union Law Minister Veerappa Moily promising Centre’s help in the state’s quest.

"While the State’s huge natural resources and large pool of qualified technical and scientific manpower is a big asset, the initiatives taken by successive governments in the past and the investor-friendly policies of the present Government will definitely yield rich benefits,” he said pointing out that political differences should not come in the way of development.
 
Union Food Processing Industries Minister Subodh Kant Sahai lauded the efforts of the Yeddyurappa regime in aggressively wooing investment in diverse sectors and felt such efforts by any State would have beneficial effects as global investors would look not just at Karnataka but other states as well.
 
He, however, called upon the investors to look at agriculture sector as agro-based as well as food processing industries offered the biggest potential. In addition, containers for storage of agricultural and horticultural produce as well as cold storages need big infusion of investment. "If the agriculture sector flourishes and the lot of farmers improves, the country will definitely prosper,” he said.
 
BJP’s Opposition leader in the Rajya Sabha said Karnataka enjoyed inherent advantages due its vastly better pool of human resources, natural resources, reasonably good infrastructure across the state and pro-investment cum industry-friendly policies followed by the government. Investment flows to states and regions where profits can be generated. Without investment, profits and revenues cannot be generated. Without revenue generation, social security schemes or good infrastructure facilties cannot be implemented, he said pointing out that not just states but even countries were competing with each other to attract larger investments.
 
BJP national general secretary Anant Kumar, Bangalore south MP, said Karnataka was known for peace and harmony as well as its supremacy in information and bio-technology. The State had a large network of scientific, technical and medical educational centres and these strengths added to its attraction. However, it was Yeddyurappa’s forward looking attitude and dynamic leadership that has changed climate for the better, he added.
 
Lakshmi Mittal of Arcelor Mittal said he was "simply excited’’ by the investment opportunities offered by the state. "Karnataka to me, is an investment destination with strong credentials of positive investments, proactive policies, educated and skilled manpower, rich natural resources and rapid multisectoral development,’’ he said pointing out that the role of government was more important than ever as a facilitator in core sectors like steel due to sheer size, investment, dependence on natural resources and role of infrastructure.

"I have no doubt that this state will emerge as a frontrunner in the manufacturing sector,” he said promising to bring the highest standard of manufacturing and environment friendly mining processes besides contributing to the state’s indusrialisation and development.
 
Dr K Kasturirangan said the country’s space programmes, especially the launch of INSAT, IRS and other satellites as well as Aryabhata, Chandrayaan missions owed a lot to the contribution of Bangalore and Karnataka and the support from industry, research and development facilities. "I am sure Bangalore and Karnataka will become a global brand and a hot investment destination if the present policies and approaches continued,” he said.
 
Aditya Birla Group’s Kumaramangalam Birla, Azim Premji of Wipro, Kris Gopalakrishnan of Infosys, Vijay Mallya of UB Group, Dr Devi Prasad Shetty of Narayana Hrudayalaya and Venu Srinivasan of CII were among the speakers.
 
"Karnataka has emerged as an undisputed investment destination for investors. It is one of the most progressive states and has whole range of innovations and breakthroughs across key sectors such as IT/BT, Agriculture, Minerals, Engineering, Automobile, Food Processing, Textiles and Aerospace,” said Large and Medium Scale Industries Minister Murugesh R Nirani, the moving spirit behind the entire GIM exercise in his welcome address. Karnataka chief secretary S V Ranganath proposed a vote of thanks.