In Europe, Karnataka delegation gets investment offer of $6.2 billion

Updated - June 26, 2024 01:38 am IST

Published - June 25, 2024 08:48 pm IST - Bengaluru

Priyank Kharge, Minister for IT, Biotechnology, Science and Technology, with Sharath Bache Gowda, Chairman of KEONICS, at a press conference in Bengaluru on Tuesday.

Priyank Kharge, Minister for IT, Biotechnology, Science and Technology, with Sharath Bache Gowda, Chairman of KEONICS, at a press conference in Bengaluru on Tuesday. | Photo Credit:

Karnataka has received investment offers to the tune of $6.2 billion from various corporates and business conglomerates in Europe, said Priyank Kharge, Minister for IT, Biotechnology, and Science and Technology, here on Tuesday.

The Minister led a business exploratory delegation to London, France, Germany, Switzerland, and other places in the EU and met up with top officials of various enterprises.

“We met top decision-makers in many companies and we received investment offers of $6.2 billion as an immediate outcome of our business exploratory tours. We hope a majority of them convert into actual business on the ground,” Mr. Kharge said while addressing a media conference at Vidhana Soudha here.

Kind of investments

On the kind of businesses that evinced interest in investing in the State, he said it was a mix of sectors ranging from chip design and semicon companies to aerospace and defence and several of them were inquiries for setting up global capability centres (GCCs) in Karnataka.

Responding to a reporter’s query about the number of jobs these projects might create, the Minister said, “The proposed GCCs alone will create 35,000 to 40,000 jobs in the State.” Mr. Kharge said Karnataka had embarked on a “hyper growth” phase.

The delegation also visited California and Massachusetts in the U.S. and participated in the ‘BIO International Convention 2024’ held in San Diego, attended by 18,500 industry leaders globally.

“Our objective was to highlight our infrastructure and policy landscape to biotechnology companies and industry bodies in the U.S., and also to explore future global expansion plans of electronic and biotech firms in the country,” he said.

For collaborations

Sharath Bache Gowda, Chairman of KEONICS, who was also part of the delegation, said high-level meetings were conducted with Salk Institute, Kyoto University, Biocom California, and the University of Pennsylvania Biotechnology Centre to explore collaborations in health tech, agri tech, and in the upcoming Bio-Bank and Anti-Venon Research Development Centre. Also, government-to-business meetings were held with biotech firms such as Aragen, Mabion, and Enzene and their interest in foraying into Karnataka was explored.

“We know Bengaluru is a global leader on many fronts. But when we meet people and companies from various global cities, we know we are even bigger a brand,” said Mr. Gowda.

PMO forcing MNCs to invest in Gujarat: Priyank Kharge

The Prime Minister’s Office has been forcing multinational companies coming to Karnataka to invest in Gujarat or other States, alleged Mr. Kharge on Tuesday.

He said he could quote several instances, but would only do so at the appropriate time, or else it would embarrass global investors. Mr. Kharge said he was going to Delhi on Wednesday and one of the agenda was to meet the Finance Minister and ask her to give Karnataka the same incentives that the Centre was offering to Gujarat.

“I can give five or six instances. But we are silent because it will embarrass the companies. We are also trying to see if we can have the same GIFT City that they are getting,” he said. “Who can say no when the Prime Minister tells them to put the company here only (in Gujarat)?” Mr. Kharge asked.

It may be recalled that recently Union Minister for Heavy Industries and Steel H.D. Kumaraswamy raised questions about a U.S.-based semiconductor manufacturer potentially receiving ₹3.2 crore subsidy for every job it created in Gujarat. Even Telangana Chief Minister Revanth Reddy had spoken about investors being compelled to go to Gujarat.

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