Karnataka expects to receive FDI worth Rs 75,000 cr, says Minister

  • Karnataka is expecting a Foreign Direct Investment worth Rs 75,000 crores in sectors like biotech and start-ups, the state’s Education Minister Dr Ashwath Narayana has said.
  • The minister, who accompanied Chief Minister Basavaraj Bommai at the World Economic Forum at Davos, said that the Davos meeting was very successful.
  • He said the government was keen on developing other cities like Mysore, Mangalore, Belgaum, Hubli-Dharwad and Shimoga as well.
  • “The state is also developing seven to eight more airports,” the minister told PTI after addressing members of the KannadigaruUK at the Bharatiya Vidya Bhavan here on Friday.
  • Karnataka in Davos signed two major MOUs worth Rs 52,000 crores, with two major companies — ReNew Power for Rs 50,000 crores and the Lulu Group International for Rs 2,000 crores.
  • Siemens is taking up two projects in Bengaluru focusing on Magnetic Imaging and Diagnostics and a health-related R&D project.
  • The Karnataka Government has assured special incentives for the company to set up its production unit for medical equipment.
  • Earlier, addressing the members of the KannadigaruUK, Dr Ashwath Narayana said Karnataka is developing fast and that Bengaluru is emerging as a city of opportunity and a city of future in sectors like space, defence, and IT.
  • “We welcome all as we want to be competitive,” he said.
  • Dr Nanda Kumara, Executive Director of Bharatiya Vidya Bhavan here, was also present on the occasion.


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