BSY invites American companies to invest in K’taka

PTI, Sep 2, 2020, 8:20 AM IST

Bengaluru: Karnataka Chief Minister B S Yediyurappa on Tuesday, September 1 said that uncertainty around the United States’ economic relationship with China, as well as the coronavirus outbreak, provide an opportunity to evaluate the US-India trade and economic relationship, as he pitched the state as an investment destination.

“Uncertainty around the US-China economic relationship, as well as the coronavirus outbreak, provide an opportunity to evaluate the US-India trade and economic relationship. This would make India a competitive destination for many US companies,” Yediyurappa was quoted as saying in an official release.

He said that Karnataka has been an attractive investment destination and is one of the most industrially advanced states in India.

“Today, Karnataka is a nearly USD 250 billion economy and growing strong. The state has been leading the country in several sectors. The state has traditional strengths in a wide range of industries – such as machine tools, heavy machinery, automobiles, electronics, aerospace & defense, biotechnology,” he added.

Yediyurappa was addressing a virtual delegation meeting with American business houses to attract trade and investments to the state, organized by the state government in partnership with US-India Business Council (USIBC).

The meeting touched upon numerous business opportunities and investments that are available for American investors in Karnataka.

The Chief Minister held talks with US industry captains and detailed the huge opportunities in IT, ITES services, machine tooling, manufacturing, aerospace, biotechnology, and engineering design, the release said.

“Karnataka is the favored choice for investors and is home to 400 of the Fortune 500 companies in the world. The state is currently ranked second in terms of FDI investments for the period ending March 2020,” Yediyurappa said.

Keeping the investor-centric approach, our government has launched the New Industrial Policy 2020- 2025, to build a prosperous Karnataka and create large-scale employment opportunities, he said, as he invited US companies to invest across sectors in Karnataka.

The virtual delegation meeting was attended by senior state government officials, Ambassador Taranjit Sandhu, Tim Roemer- APCO Executive Director, William Blair CEO Lockheed Martin among others.