Siddaramaiah woos Central European countries for investments

Karnataka Chief Minister Siddaramaiah on Monday urged investors from the Central European countries to look east, look towards India and his state during the second India - Central Europe Business Forum (ICEBF) on Monday.

"As the chief minister of one of India's most industrialised, open and tech savvy states, I extend a hand of friendship to all Central European nations who are keen to find trade and business opportunities here," said Siddaramaiah.

"Karnataka and the Central European nations have some very complementary characteristics. Both boast of well trained, competent and lower cost workforce. The financial health of both are in good shape and so is the public and private debt situation," said Siddaramaiah.

Highlighting Karnataka, the partner state for the second ICEBF, organised by FICCI and the Ministry of External Affairs, the chief minister said Karnataka is an ideal destination for investments by virtue of its strength in Information and Technology (IT), startup ecosystem, aerospace and others.

"The state receives the highest Foreign Direct Investment in India after Delhi, the National Capital Region and Maharashtra. Karnataka's share in all India exports stands at 13 percent. It accounts for 40 percent of all software exports from the country," he added.

He invited investments from Central European countries possessing expertise in chemicals, pharmaceuticals, machinery, construction, wood pulp and paper, mechanical and engineering goods, water technologies and solid waste management.

Minister of State for External Affairs V.K. Singh on the occasion siad India is taking forward its relationship with the Central European countries with the unquestionable stability for the economy and administrative reforms brought by Prime Minister Narendra Modi.

He said India is also looking for cooperation with Central Europe in clean and green reusable energy, cleaning of rivers, sanitation and hygiene and waste management.

According to a FICCI report, India's trade with the 30-nation Central European region stood at $44.27 billion amounting to 5.83 percent of India's trade with all nations in 2014-15.

As many as 120 business delegates from 18 Central European nations and over 250 Indian delegates are participating in the two-day event.