US tech companies keen to invest $ 3 billion in Karnataka, say ministers MB Patil & Priyank Kharge

economictimes.indiatimes.com:

Karnataka, state’s Industries Minister MB Patil and IT/BT Minister Priyank Kharge said on Thursday.

The ministers shared details of their interactions with top executives during their recent US tour at a media conference. Some of these companies were already in the process of investing about $ 1 billion in the state.

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The state, Patil and Kharge said, would see investment in greenfield projects as well as expansion of their existing facilities. The purpose of the US visit was to highlight Karnataka’s strengths to companies there, many of which are looking at India as an attractive destination and aligned well with their China Plus One strategy.

Investors meet

Karnataka plans to organise a global investor meet in either December 2024 or in January 2025, Patil said. The minister added that the government plans to hold the meet after the Lok Sabha elections of 2024.
“We are now competing with as many as 20 states in the country to attract global investment. All these states are holding global investors’ meets. In Karnataka, we normally organise a GIM once in two years. It was held in our state last year,” the industries minister said.

“We are competing not only with China, but also Chhattisgarh,” Kharge added.
The state government, the Patil said, would provide extra incentives to those companies that were open to invest in districts outside of Bengaluru.
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