Dedicated platform to be constituted to facilitate investment by American companies: Karnataka minister MB Patil

Karnataka's Large and Medium Industries Minister MB Patil said on Friday that a dedicated platform would be constituted to facilitate investment by American companies in the state.

Speaking at an event organized by the American Chamber of Commerce in India (AMCHAM- Karnataka Chapter) he stated that more and more American companies are coming forward to invest in the state.

Minister emphasized that from now onwards the industrial plots would be allotted to entrepreneurs only after completion of at least 75 per cent of the targetted development by the Karnataka Industrial Areas Development Board.

Responding to a suggestion put forth by an industry expert, he said that an economic advisory board would be formed.

He explained that the government was encouraging the growth of industries across the state by providing attractive incentives and initiatives such as 'Beyond Bengaluru'.

He added that he would also convene a meeting with industrialists in the next two weeks. Saying that there is no problem with the availability of land, water, and power in the north Karnataka region, he called on industrialists to come forward to set up their plants in the districts belonging to the region including Vijayapura.

Patil said that proposals worth Rs 40,000 crore investments have been received after the new government assumed office in the state and added that proposals worth another Rs 60,000 crore are in the pipeline.

Further, Minister Patil said that Tata Technologies has evinced interest to set up three Common Facilities Centres (CFCs) for MSMEs. He opined that the manufacturing sector should also grow along with the IT sector in the state.

American companies are eyeing investment in e-mobility, ESDM, clean energy, aerospace, and defense sectors, he said.

Minister also informed that the 'Invest Karnataka Forum' (IKF) would be reconstituted and a 'Strategic Investments Committee' would be formed to facilitate the inflow of FDI to the state.

American Chamber of Commerce in India representatives Rajan Khanna, Som Satsangi, and Atul Ujagar were among those present at the event.