Karnataka nets Rs 6,450 crore investment commitment from Japan and South Korea: Minister M B Patil

PTI, Jul 10, 2024, 5:15 PM IST

M B Patil (source: X)

Bengaluru: Karnataka has secured Rs 6,450 crore in investment commitments from Japan and South Korea with potential to create more than 1,000 jobs, Minister M B Patil said on Wednesday.

The Large and Medium Industries and Infrastructure Development Minister was on a visit to the two countries from June 24 to July 5.

The Karnataka delegation he had led met industry leaders and conducted roadshows for Small and Medium Enterprises (SMEs).

“We have received investment commitments and MoUs worth Rs 6,450 crore. These commitments from six major companies are projected to create over 1,000 jobs in Karnataka,” Patil told reporters.

He said the delegation met more than 35 industry leaders and 200 companies in the two roadshows conducted in Japan and South Korea.

In Japan, the delegation met with key industry leaders including those from Renesas Electronics Corporation, Toyota Motor Corporation, Yamaha Motor Company, Sumitomo Heavy Industries, Panasonic Energy, Nidec Corporation, Nissan Motor Corporation, Brother Industries, Shimadzu Corporation, and Hitachi, Patil said.

In South Korea, meetings were held with Samsung Electronics, LG Energy Solutions, LX Electronics, NIFCO Korea, OCI Holdings, Krafton, HYAC, Hyundai Motors, YG-1, and Hyosung Advanced Materials, among others.

Patil said Osaka Gas has committed to expanding its gas distribution infrastructure in Karnataka with an investment of Rs 5,000 crore over the next five years.

DN Solutions signed a Rs 1,000 crore MoU to establish a manufacturing facility for precision tools and automation systems, expected to create approximately 350 jobs. Japanese automobile component supplier Aoyama Seisakusho too expressed its interest to invest Rs 210 crore to set up a manufacturing facility in the Japanese Industrial Township in the State, Patil said.