Dedicated platform to facilitate investment by American cos: MB Patil

Bengaluru: Large and Medium Industries Minister MB Patil said on Friday that a dedicated platform would be constituted to facilitate investment by American companies in the state of Karnataka.

Speaking at an event organised by the American Chamber of Commerce in India (AMCHAM- Karnataka Chapter) he stated that more and more American companies are coming forward to invest in the state.

Minister emphasised that from now onwards the industrial plots would be allotted to entrepreneurs only after completion of at least 75% of the targetted development by the KIADB. Responding to a suggestion put forth by an industry expert he said that an economic advisory board would be formed.

He explained that the government was encouraging the growth of industries across the state by providing attractive incentives and initiatives such as ‘Beyond Bengaluru’. He added that he would also convene a meeting with industrialists in the next two weeks.

Saying there is no problem with the availability of land, water and power in the North Karnataka region, he called on industrialists to come forward to set up their plants in the districts belonging to the region including Vijayapura.Patil said that proposals worth Rs.40,000 crore investments have been received after the new government assumed office in the state and added that proposals worth another Rs.60,000 crore are in the pipeline.

Patil said that Tata Technologies has evinced interest to set up three Common Facilities Centres (CFCs) for MSMEs. He opined that the manufacturing sector should also grow along with the IT sector in the state. American companies are eyeing investment in e-mobility, ESDM, clean energy, aerospace and defence sectors, he said.

Minister also informed that the ‘Invest Karnataka Forum’ (IKF) would be reconstituted and a ‘Strategic Investments Committee’ would be formed to facilitate the inflow of FDI to the state. AMCHAM representatives Rajan Khanna, Som Satsangi, and Atul Ujagar were among those present.