Karnataka invites Chinese firms to invest in state

Karnataka Chief Minister Siddaramaiah on Friday urged Chinese companies to invest in the state and make it a hi-tech manufacturing hub of India.

"Our new industrial policy (2014-19) is manufacturing centric. As our vision is make the state an innovative and hi-tech manufacturing hub, we will engage with China to make it a partner in building a strong and prosperous Karnataka," Siddaramaiah said at the sixth China-India Forum meeting here.

Asserting that the state had hi-technology and talented workforce, he said Karnataka was the place for overseas companies to come and invest in the manufacturing and infrastructure sectors.

"Every international delegation makes Bengaluru its destination in India because the state was booming with economic activity," Siddaramaiah told the delegates from China.

Referring to the sister-state agreement Karnataka had signed with the provincial government of China's Sichuan, the Chief Minister called for exploring joint ventures in industry verticals such as defence, energy, infrastructure, agriculture and food processing.

"Though bilateral trade between the two Asian giants reached $70 billion in 2015, exports from India were $8.86 billion while imports from China were $61.54 billion. As the balance of trade is in favour of China, there is huge potential to bridge the gap by increasing exports from India to China," he said.

Chinese Minister Liu Jin Song, Hubei Province Governor Wang Xiadong, Chinese Consul General Zheng Xiyuan Jong and state Industries Minister R.V Deshpande were among the participants at the day-long meeting.

--IANS

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