In a recent development, the Karnataka government has announced that numerous American companies have shown keen interest in investing a substantial amount, totaling approximately Rs 25,000 crore, in the state. A delegation led by Large and Medium Industries Minister M B Patil and Electronics & IT/BT Minister Priyank Kharge shared details during a press conference following their business promotion visit to the United States.

The delegation, which traversed the east to west coast of the US, engaged in 36 interactive meetings. Discussions primarily revolved around key sectors such as semiconductors, aerospace and defense, electric vehicles, space, and precision manufacturing. Some companies are already in the process of investing USD one billion in Karnataka, while others are considering expanding their existing operations.

Leading names like Applied Materials, AMD, Juniper, Boeing, Dell, Texas Instruments, and Apple were part of the interactive sessions, highlighting the significant interest from major players. The delegation also explored collaborations with promising startups like Leolabs, Fictiv, and T-Second.

Minister Patil emphasized that the purpose of the US visit was to reinforce Karnataka's standing as a promising investment destination, given the evolving geopolitical landscape. He highlighted the state's industry-friendly policies, attractive incentives, skilled workforce, and abundant natural resources as key factors that make it an appealing choice for global companies.

The discussions with industry leaders centered on joint skilling initiatives, expanding the supplier base, strengthening the existing research and development (R&D) ecosystem, and collaboration on establishing Centers of Excellence in partnership with the state government.

Minister Kharge underscored the importance of attracting investment amid global competition, particularly from other Indian states and China. He outlined an innovative approach taken by the state government, reaching out to investors directly in the US. Furthermore, a strategic partnership with AMD was announced to train engineers based on the company's syllabus, with plans to hire 800 engineers in India.

Looking ahead, Minister Kharge revealed plans for a global startup summit in Bengaluru next year, showcasing the state's commitment to fostering innovation and entrepreneurship. Overall, the government aims to provide comprehensive support to companies investing in Karnataka, emphasizing ease of doing business, favorable policies, sector-specific incentives, and robust industrial infrastructure.

courtesy by : The Economics Times