Karnataka showcases state for Australian investments

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Bengaluru, 26 Aug 2020: Karnataka government has pitched the state for Australian investments, showcasing its multiple strengths in various fields, an official said on Tuesday.


“I invite Australian companies to actively consider Karnataka as an investment destination. The Government of Karnataka assures complete support and we look forward to a fruitful engagement with Australian companies,” said Gunjan Krishna, Commissioner for Industrial Development.


On Tuesday, Deputy Chief Minister C. N. Ashwath Narayan and other senior officials held a virtual meeting with Australian government officials, aimed at attracting the country’s trade and investments into the state.


Narayan explained the various business opportunities and investments to Australian High Commissioner to India, Barry O’ Farrell, in the realms of electronics and semiconductors and others.


“Karnataka has been the preferred choice for investors in the country, and we are currently ranked third in terms of foreign direct investments (FDI) for the period ending March 2020,” he said.


Narayan said the southern state is a leading player in multiple sectors with a policy driven ecosystem for industries, including dedicated policies for aerospace, electric vehicles, electronics, textiles, agribusiness, Information Technology and Biotechnology.


According to the minister, Karnataka is a $250 billion economy which is growing at a rate of 9.6 per cent, counting traditional strengths in industries such as machine tools, heavy machinery, automobiles, electronics and defence.


“Bengaluru is home to around 400 research and development centres, 44 per cent of India’s total, including over 400 belonging to Fortune 500 companies,” he said.


Narayan said Australia can partner with the state in manufacturing, finance, tech, food processing, infrastructure and energy among others.


He referred to the recent state industrial police for the years 2020 – 2025, assuring several benefits to investors in the state.


Explaining about the state’s response to Coronavirus disruption to economic activities, Narayan said Karnataka is one of the first states to lift the lockdown to restart economic activities.


“We have opened up everything except schools, recreational facilities, metro rail, international air travel and social gatherings.A AThe State is taking cautious steps to reboot the economy and support economic activities in the State,” he said.


Among the Australian diplomats and senior officials were Cahterin Gallagher, senior trade commissioner and general manager for South Asia Austrade, Susan Grace, Consul General in Chennai and others.



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