WEF: CM Bommai boasts about Karnataka's number one position in FDI inflow

Karnataka Chief Minister Basavaraj Bommai boasted about the state's number one position across the country in attracting FDI inflow, as he departed to take part in the World Economic Forum's meeting

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Karnataka Chief Minister Basavaraj Bommai on Sunday boasted about the state's number one position across the country in attracting Foreign Direct Investment (FDI) inflow, as he departed to the Swiss ski resort town of Davos, to take part in the World Economic Forum's annual meeting.

He expressed confidence about attracting more investments into the state from this visit, and during the Global Investors Meet scheduled to be organised in November.

The Chief Minister is leading a delegation from the state to Davos, comprising Industries Minister Murugesh Nirani, Information Technology and Biotechnology (IT/BT) Minister C N Ashwath Narayan, and top officials.

"We will be leaving Sunday and from Monday sessions will start there (WEF). On Monday, there is one session and another one on May 24, we will be attending both. We will be meeting several world leaders and industrialists there," Bommai told reporters before leaving for Davos.

Noting that in the quarter ended recently, the highest Foreign Direct Investment has flown into India, which is good news, he said, "Karnataka stands number one in that, like last four quarters, during this quarter too Karnataka has received highest FDI. So, we are encouraged, several foreign and Indian industries are keen on investing in Karnataka. We are confident of getting a good response during the Global Investors Meet scheduled for November."

The government will be taking all the measures to see to it that it not only signs MoUs, but industries actually get established in the state, he added.

This will be Bommai's first overseas trip as Chief Minister. There was earlier speculation on whether or not he will travel to Davos.

Bommai's predecessor B S Yediyurappa had attended the Davos summit in January 2020, following which the BJP government in the state had introduced major reforms, including a policy change, by making it easier for investors to purchase land from farmers.

"All set to participate in World Economic Forum Summit at Davos. Will be interacting with business heads of 18 countries about important economic & environmental issues. Davos will give great impetus to upcoming #InvestKarnataka2022 Global Investors' Meet," Bommai later said in a tweet.

Pointing out that India has reported the highest FDI Inflow to the tune of USD 83.57 billion for the financial year 2021-22, in another tweet, he said, "In the computer hardware and software sector, Karnataka bagged the highest share of the FDI inflow (53%) followed by Delhi & Maharashtra (17% Each)."

"I welcome all the foreign investors to Karnataka and assure that we will provide the best of infrastructural facilities at the quickest possible time," he added.