Karnataka could get 2,000 crore investment

By SiliconIndia   |   Monday, 18 September 2006, 07:00 Hrs
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BANGALORE: Several US business delegations would visit the city next week to interact with Karnataka government to explore investment opportunities, which is likely to result in an investment flow of at least Rs 2,000 crore, State Minister for Major Industries Katta Subramanyam Naidu said today.

The State Government is planning to appoint ambassadors for the State by choosing leading non-resident Indians in the U.S., Europe, East Asia and countries in West Asia to bring investment to Karnataka, Naidu informed the media persons. A high-level delegation led by Deputy Chief Minister B.S. Yediyurappa toured the U.S. from August 31 to September 10, giving presentations to various companies. The Government would not give salaries or perks to these ambassadors but they would promote investment in the State, Naidu added. The delegation held one-to-one meetings with business leaders at Baltimore, New York, San Francisco and Los Angeles, urging them to invest in the State.

Several U.S. business delegations would interact with the Government to work out investment modalities. The State delegation visited the Intel headquarters at Santa Clara. The company will be investing 5,000 crore on software parks in Bangalore and Mysore in the next two years. The IT giant has agreed to work with Government to establish skills development centers in two districts, according to Naidu.

The minister said prominent medical doctors of Karnataka origin in the U.S. had shown interest in investing in "Medicity" in Bangalore. George Pataki, Governor of New York, will visit the State in October-end, while the Governor of California, Arnold Schwarzenegger, had proposed to visit the State next year.

The issue is to be finalised after discussions with Chief Minister H.D. Kumaraswamy and Mr. Yediyurappa. Several multinational companies (MNCs) based in the U.S. have shown interest in investing in information technology (IT), IT-enabled services, hardware and medical tourism. Proposals of at least 2,000 crore are to be finalized.

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