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COVID-19: Karnataka to postpone Global Investors Meet


Press Trust of India  |  Bengaluru 

The Karnataka government will

postpone the Global Investors Meet (GIM) planned in November this year by a few months following inadequate preparations due to the COVID-19 induced lockdown, Large and Medium Scale Industries Minister Jagadish Shettar said on Wednesday.

Speaking to PTI, he said the government had initiated preparations for hosting the three-day GIM, slated from November 3, but could not take up pre-event activities thereafter in the last two-and-half months due to 'stay-at- home' restrictions following the pandemic.

"We need at least six months of preparations to host such a global scale event in terms of holding road shows in different cities, including overseas, to invite investors", Shettar noted.

The Minister said the government would decide in June- July on the new dates of the GIM.

"It will not be cancelled. It will be put off by a few months".

He also said the Government would come out with a new industrial policy soon.

"Everything is ready. It is pending before the Finance Department for approval.

After that, it will be taken to the Cabinet.

Our expectation is that it would be unveiled as early as possible", Shettar said.

On the losses incurred by large and medium scale industries in Karnataka due to the lockdown, the Minister said it's believed to be thousands of crores of Rupees, but added that no estimation has yet been made.

The State Government earlier this month constituted a Special Investment Promotion Task Force to woo multinational companies looking to shift their manufacturing bases from China.

"Several people are interacting with us", Shettar said when asked if the State has received enquiries for potential investment in this regard.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 20 2020. 17:10 IST