A Three-Day Limelight for Karnataka’s Investment Opportunities
In 1902, Asia’s first hydro-electric power station was setup in Karnataka and, three years later, the State saw India’s first electric streetlights in Bangalore’s City Market. Known today as the Silicon Valley of India, Karnataka boasts of a highly skilled and qualified workforce, forming the ideal terrain for Research & Development centers of global companies.
This longstanding culture of innovation is certainly what makes Karnataka the preferred investment destination in the country. Invest Karnataka – Global Investors Meet 2016 is a platform to network, converge and find new opportunities for investors doing business in India or planning to. It will be held from Feb 3rd to 5th at the Bangalore Palace.
Karnataka’s success can be linked to several factors such as its excellent climate throughout the year or the cosmopolitan environment (it brags of the highest number of international schools in the country), all of which favour its remarkable technological and industrial performance.
Indeed, Bangalore ranks amongst the coveted top eight technology clusters according to the Massachusetts Institute of Technology (MIT) Technology Review; for which the selection criteria include IP protection, liberal immigration laws, entrepreneurial culture and climate conditions. The State carries out 40% of the country’s software exports and hosts nearly half of the R&D centers (44%).
On the industrial side, Karnataka was the first to introduce Industrial Policy - with a vision to maintain a 12% industrial growth per annum, sector specific policies and the Industries’ Facilitation Act. It manufactures 40% of the country’s aircrafts and spacecrafts, is home to 28% of all India’s Biotech companies as well as more than a third of its start-ups. More than 70% of the national coffee production is grown in Karnataka.
The State also sets the example for globalization. On par with the country’s exceptional GDP growth at 7%, Karnataka’s openness to international trade is double (47%) that of the national average (24%). It attracts the 4th highest FDI in India.
These strengths of Karnataka will be showcased in the three-day event, along with investment opportunities and various projects to attract investments from countries including the USA, Germany, the UK, France, Sweden, Japan, South Korea, and Singapore.
Amongst the 145 projects to be showcased, public infrastructure projects worth 1 lakh crore will be presented for private participation under the Public-Private Partnership (PPP) model.
A great diversity of people and profiles will gather on this occasion, from global leaders and heads of State, policy makers and CEOs of multinationals to Indian corporates and SMEs, associations, entrepreneurs, academicians and more.
There will be a plethora of roundtables, networking meetings and seminars, as well as a 100 thousand square-feet exhibition area and more than 300 stalls. To top it all, the State government has launched a mobile application for the event, giving an overview of Karnataka’s advantages, sectors for investment, speaker sessions and keeping investors updated on the latest news about the State.
As Additional Chief Secretary (ACS) for Commerce and Industry, K Ratnaprabha’s final objective is to attract INR 5 lakh crore of investment, of which 1 lakh crore will be the realistic target in this meet, and create employment opportunities for 15 lakh persons all over Karnataka. Meanwhile, in an interview with Deccan Herald, German Consul General Jörn Rohde stressed the importance of infrastructure to meet these objectives. “It is a reliable parameter for investment so that you can have sustained growth. Reliable investment parameters and infrastructure are the preconditions for becoming competitive in a globalised economy. Karnataka is competing with other states, and other destinations in Asia”, he reminded.
Amelie Chodron de Courcel | Senior Consultant International Trade
Invest Karnataka 2016 (PDF- 2.70 MB)
Karnataka is unique when it comes to investment
Image Credit: Argographx