Karnataka to woo investors during World Economic Forum summit

The Karnataka government would call on industry leaders and business tycoons for investments during the World Economic Forum summit at Davos in Switzerland from January 21 to 24, said Minister for Large and Medium Industries Jagadish Shettar on Friday.

Prime Minister Narendra Modi, some central ministers and a few Chief Ministers would attend the event in which Karnataka Chief Minister Yediyurappa would address the gathering, Shettar said.

Since business leaders from across the globe are attending the event, we will put up our stall there informing investors about the industrial policy and conducive atmosphere for investment in Karnataka," he said.

There would be an opportunity to interact with captains of big industries, said Shettar adding that there would be a one-on-one meeting with the heads of at least 40 multinational firms, including Lockheed Martin, Lulu Group, Dassault Systems, HP, SAP, Mitsubishi, GE, Novo, Nordisk, Denso, Adani, P&G, Volvo and IKEA.

The summit would be utilised to invite business tycoons for the Global Investors Meet titled 'Invest Karnataka-2020' from November 3 to 5 in Bengaluru.

Speaking about the new industrial policy of the state, Shettar said the draft was ready and has been sent to various departments for their suggestions.

Later, it would be brought before the cabinet for its nod, he said.

Speaking about the tax system for industries, he said a policy decision has been taken how the taxation should be in those industrial states, which have been handed over (to the industries) and those which have not been handed over yet.

Many local bodies start taxing the industries once the industrial layout is developed but according to the regulations, unless the layout is handed over, taxes cannot be levied. It has led to many complications including legal ones, Shettar said.

To resolve this, he said he would convene a meeting with the senior officials of Urban Development Department, Rural Development and Panchayat Raj and Large and Medium Industries Department to take a policy decision to formulate a uniform taxation system.

At present, the local bodies have two types of taxes on properties, either commercial or residential, but the industries dont fall under the two. So, we are going to adopt a medium-level tax system, said Shettar.