The Karnataka state government in partnership with U.S.-India Business Council (USIBC) held a virtual delegation meeting yesterday with American Business houses to attract trade and investments to the state of Karnataka. The meeting was attended by Hon’ble Chief Minister of Karnataka B.S. Yediyurappa, Ambassador Taranjit Singh Sandhu, Indian Ambassador to the United States along with senior govt officials from Govt. of Karnataka and official from USBIC.
The meeting touched upon numerous business opportunities and investments that are available for American investors in Karnataka. Chief Minister held talks with US industry captains and detailed on the huge opportunities in IT, ITES services, machine tooling, manufacturing, aerospace, biotechnology, and engineering design.
Attending the Webinar, Hon’ble Chief Minister Sh. BS Yediyurappa said, “Karnataka is the favoured choice for investors and is home to 400 of the Fortune 500 companies in the world. The state is currently ranked second in terms of FDI investments for the period ending March 2020.”
“The India-US relationship continues to strengthen with strong strategic, defence, and people-to-people ties. The trade between the two countries has grown significantly over the last two decades, from $19 billion in 2000 to $149 billion in 2020. Karnataka exhibits significant potential in many sectors and offers a policy-driven ecosystem for industries and is characterized by responsive & industry-friendly administration and policy continuity. We have dedicated policies to promote various sectors such as biotechnology, healthcare, semiconductors, agriculture, automobiles,” he added.
Karnataka has been an attractive investment destination and is one of the most industrially advanced states in India. Today, Karnataka is a nearly US$ 250 billion economy and growing strong. The state has been leading the country in several sectors. The state has traditional strengths in a wide range of industries – such as Machine tools, Heavy machinery, Automobiles, Electronics, Aerospace & Defense, Biotechnology.
Uncertainty around the U.S.-China economic relationship, as well as the coronavirus outbreak, provides an opportunity to evaluate the U.S.-India trade and economic relationship. This would make India a competitive destination for many US companies, the Chief Minister added.
Karnataka is taking cautious steps to reboot the economy and support economic activities in the state. The recent 2019 NITI Aayog 2019 Innovation Index has Karnataka at the top. This has been possible due to the availability of quality human resources, reputed higher educational institutions, and a significant thrust on research and development aided by a proactive administration and conducive investment climate.
“Keeping the investor-centric approach, our government has launched the New Industrial Policy 2020-2025, to build a prosperous Karnataka and create large-scale employment opportunities. This industrial policy is very forward-looking and brings with it several incentives and regulatory reforms such as land access and labour market regulation. Promoting economic and industrial development of our state has always been a top priority for our government,” he said.
“Keeping in mind the immense potential for combining US’s capital, innovation, and technologies with the rich human resources and economic opportunities available in Karnataka’s high-growth economy, I invite US companies to invest across sectors in Karnataka,” Chief Minister added.
“Karnataka is one of the leading industrialised states in India and has been successful in providing the needed economic and social infrastructures for investment, industries and business to the US companies. I am sure that together Karnataka and US can forge a mutually beneficial economic partnership. The state offers a policy-driven ecosystem for industries – is characterized by responsive & industry-friendly administration, business and policy continuity,” Gaurav Gupta, IAS, Principal Secretary, Commerce & Industries Department, Government of Karnataka said.
“I believe that the current geopolitical scenario has presented a golden opportunity to further nurture US – Karnataka bilateral relationship and transform it into a global strategic partnership. Karnataka is the knowledge capital of India and has been at the forefront of innovation,” Gunjan Krishna Commissioner for Industrial Development and Director of Industries and Commerce Government of Karnataka said.
“Today’s discussion with Hon’ble Chief Minister Yediyurappa, Ambassador Taranjit Sandhu, USIBC Board Member Kiran Mazumdar Shaw and other industry leaders highlighted the opportunities Karnataka presents in sectors like IT, machine tooling, aerospace, biotechnology, and engineering design. Karnataka has undertaken significant policy reforms to become one of India’s most business-friendly states. As India seeks to compete on the global stage, Karnataka’s “New Industrial Policy” and similarly forward-leaning policies will be critical to attracting investment and creating new jobs,” Nisha Biswal President of the U.S.-India Business Council (USIBC) said.
The virtual delegation meeting was attended by Gaurav Gupta, Principal Secretary – Commerce and industries, Commissioner for Industrial Development, Gunjan Krishna Commissioner for Industrial Development and Director of Industries and Commerce, Tim Roemer, Executive Director, APCO, William Blair CEO, Lockheed Martin, Simon George, President, Cargill, Ramesh Ramadurai, Managing Director 3M, Hemant Kanoria, Chairman and CEO, SREI, K Nanaiah, Managing Director Equifax, Dr. Vasudev S Gavaskar, Partner, True North Partners, Nitin Bhate, AGM – New Business Initiatives, Xylem, Ramkumar Narayan, Managing Director VMware, Rahul Shah, CEO, Katalyst Technologies, Vivek Vasistha, Lead Global Process IBM, Nileema Dwivedi, Head of Government Affairs Microsoft and other leaders of the US companies based out of India.