The next Global Investors Meet to be held on June 7 and 8 will target at securing investments worth Rs.6 lakh crore for Karnataka, said Sadananda Gowda, Chief Minister, Karnataka.

Inaugurating the two-day ‘Coastal Business Development Summit' in the city on Wednesday, he said that those who wanted to invest in the coastal region would be given all support and insisted that Karnataka was an investor-friendly state.

In 2010, 387 Memorandum of Understandings were signed of which 280 were implemented and of that, 89 are in the final stages of implementation.

Mr Gowda, who hails from the coastal district, said Rs.6 crore would be released immediately to make the Shiradi ghat section on Bangalore-Mangalore road motorable.

Murugesh Nirani, Industries Minister, Karnataka, said there was a proposal to create a land bank of an area of 1.19 lakh acres for industry all over the and a preliminary notification had been issued. An area of 40,000 acres is available in Tier 2 and 3 cities of the state.

The event was organised by Federation of Karnataka Chambers of Commerce and Industry, Bangalore in association with Department of Industries and Commerce, Department of Infrastructure Development (Government of Karnataka) NRI Forum, Karnataka, Coastal Development Authority.

The summit is focusing on industrial development, infrastructure, tourism, information technology, biotechnology, food processing, fisheries and education.

Three MoUs were signed at the event. One was between M. Maheshwar Rao, Commissioner of Industrial Development and Director of Industries and Commerce and Mangalore Refinery and Petrochemicals Limited (MRPL) for single point mooring (Rs.1,100 crore); second with Arif Mohammad of Ayesha Complex, Kotekar, Mangalore (Rs.105 crore, expected to generate 180 jobs); and with BMS Private Limited for building a hotel on the Udupi-Mangalore highway (Rs.25 crore).

In the GIM held in 2010, 38 MoUs with an investment amount of Rs.1,506 crore and 4,365 jobs, were signed, said the organisers.