Karnataka’s flagship three-day Global Investors Meet (GIM) – ‘Invest Karnataka,’ which is held once every two years, will take place at Palace Grounds in Bengaluru from February 12 to 14.
The state cabinet on June 13 approved the dates of ‘Invest Karnataka 2025,’ proposed by the Commerce and Industry department. Karnataka minister for law and parliamentary affairs HK Patil said they have already provided Rs 75 crore, and the cabinet has given for an additional Rs 15 crore grant to be given for conducting the GIM.
“The cabinet has also approved the proposal to hire Boston Consulting Group (India) Private Ltd as the knowledge partner. To organise GIM, at least 10-12 months of preparation time is required, so it has been decided to hold it from February 12 to 14, 2025,” said Patil.
The last GIM in Karnataka was conducted from November 2 to 4, 2022, under the then CM Basavaraj Bommai, which saw investment commitments worth Rs 9.8 lakh crore, marking a post-Covid growth recovery.
CM Siddaramaiah and Karnataka minister for large and medium industries MB Patil instructed the Commerce and Industry department to surpass the investments received in the previous investors’ meet.
S Selvakumar, Additional Chief Secretary, Karnataka department of Industries and Commerce, told Moneycontrol, “We have started preparations for ‘Invest Karnataka 2025.’ We will soon visit Japan, Korea, and other countries and conduct roadshows across the globe to attract investments to the state.”
He said the focus would be on semiconductors, electric automotive, space and defence, clean energy, research and development, and artificial intelligence. “We will also leverage the ‘China + One’ strategy by projecting Karnataka as the prefered investment destination in the world.”
Patil led a state delegation for a 12-day visit in October last year to the US. Following the visit, Patil said the government is expecting a ‘potential expression of interest’ from US companies to invest around Rs 25,000 crore in the state.
Also, read: Karnataka sees potential $3 billion investment from US companies
Patil said Karnataka remains the top choice for foreign investments because of its industry-friendly policies, attractive incentives, and the availability of a technically qualified and skilled workforce.
At the World Economic Forum (WEF) held in Davos, Switzerland, between January 15 and 19, Patil said the delegation was successful in attracting business investment proposals worth more than Rs 23,000 crore to the state.
Also, read: Karnataka signs MoUs worth Rs 23,000 crore at WEF meet: Minister
The state is also facing stiff competition from neighbouring states. While Karnataka is known as the IT and R&D hub of India, boasting the fourth-largest technology cluster in the world, Tamil Nadu is the state with the largest number of factories in the country and is an automobile manufacturing hub.
For instance, Tamil Nadu Global Investment Meet 2024 attracted investments worth Rs 6.64 lakh crore, which is expected to generate 26.9 lakh jobs in the state. TN has also succeeded in attracting vehicle manufacturing companies such as VinFast, Ola, Ather, Simple Energy, TVS Motor Company, and Ampere to set up units in the state.
Also, read: TN GIM 2024: State to get Rs 6.64 lakh crore investment, to generate 26.9 lakh jobs, says CM Stalin
Telangana is also a hub for the IT and pharmaceutical sectors, while Maharashtra is India’s financial, commercial, and entertainment hub. Other states like Gujarat and Uttar Pradesh, both governed by the BJP, are also top contenders in wooing investors.
Andhra Pradesh is also in the league with N Chandrababu Naidu, a tech-savvy leader, back as CM of Andhra Pradesh for the fourth time. In 1995, Naidu, who became the CM of united Andhra Pradesh, was instrumental in developing Hyderabad as a tech hub and convinced Bill Gates to open Microsoft’s development center in Hyderabad. Though Hyderabad is now part of Telangana, Naidu is building Amaravati as his dream capital city and wooing investors.
His party, TDP, having 16 MPs, is a key player in the NDA government. TDP has two union ministers, including Pemmasani Chandrasekhar, the richest candidate with Rs 5,785.28 crore in assets and networks across the globe.
Also, read: Amaravati’s revival: ‘Dream capital’ back on map with Chandrababu Naidu at helm
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