 "MB Patil and Priyank Kharge")
A group of US-based companies in areas such as semiconductors, aerospace and defence, electric vehicles, space, precision manufacturing and health tech have shown interest in cumulatively investing over $3 billion in Karnataka, according to the office of Karnataka Large and Medium Industries and Infrastructure Minister M B Patil. Some of the global companies are already in the process of investing around $1 billion in the state.
During the recent visit to the US, a Patil-led delegation held as many as 36 meetings and discussions, comprising 27 one-on-one meetings and nine interactions with various companies. They explored investment opportunities in electronics and semiconductors, aerospace and defence, auto, electric vehicles, precision manufacturing and med-tech sectors.
The delegation held meetings with global companies like Applied Materials, AMD, Juniper, Global Foundries, Lam Research, Boeing, Krypton and Dell. Other such firms include MKS Instruments, GE Healthcare, Intelsat, RTX, Terradyne, Texas Instruments, Apple and Waters Corp among others. The delegation also met with a few top start-ups like Leolab, Fictive and T-Seconds.
"We have met some of the prestigious companies in the United States during our visit," said Patil. "We have tried to understand their requirements and have invited them to Karnataka for expansion or collaboration. There is a renewed beginning for the state."
The purpose of the visit to the US was to highlight Karnataka as a promising destination for investment. The government said this visit to the US was necessary and important considering the fast-changing geopolitical dynamics as a large number of global companies are looking at India as an attractive, safe destination for new investment or expanding their existing presence.
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The new government took charge in May this year. The delegation led by Patil wanted to reassure the investors that Karnataka is an attractive and favoured destination. It talked about industry-friendly policies, lucrative incentives and the availability of a technically qualified and skilled workforce, as well as abundant availability of natural resources.
Minister for IT and BT and Science and Technology Priyank Kharge, and Secretary to the Government, Department of Electronics Information Technology Biotechnology and Science and Technology, Dr Ekroop Caur joined Patil during the second leg of the visit to the US between September 25 and October 6, 2023.
The central themes of discussions with industry leaders centred on joint skilling initiatives and the expansion of the supplier base. It also included strengthening the existing R&D ecosystem and collaboration on establishing centres of excellence with the state government.
As the delegation traversed from the East Coast to the West Coast, spanning states such as Washington D.C., Boston, Texas and the Bay Area, "a consistent theme emerged: India stands out as the top choice for American companies," said the government. The government said Karnataka, in particular, is favoured for its robust industrial ecosystem complemented by world-class social infrastructure, improved ease of doing business, a highly skilled and trained labour force and investor-friendly policies. These policies, which include multiple financial incentives, contribute to creating a favourable cost-economic environment, further solidifying Karnataka's status as a preferred destination for businesses.
"We have offered all possible support to the companies to invest in Karnataka," said Patil. "We have briefed the senior executives of global companies about the state's ease of doing business, favourable policies, sectorial incentives and industrial infrastructure built in the state."
