Karnataka plans overseas offices to attract more investments
CH NEWS, BENGALURU The Karnataka Government is considering opening Invest Karnataka Forum (IKF) offices in the United States, Japan, Taiwan, South Korea and France to attract more foreign investment into the state’s industrial sector, Minister for Large and Medium Industries M.B. Patil said on Tuesday. The proposal was discussed at a meeting of the IKF Board of Directors held at Khanija Bhavan. Patil directed officials to examine the benefits and challenges of opening offices in these countries, consult relevant stakeholders and submit a detailed report before taking further steps. “There is strong competition among states to attract industrial investment. Some states have already taken steps to establish offices in these countries. Karnataka cannot afford to fall behind. We must study each country’s industrial strengths and specialised sectors before deciding on the right approach,” Patil said. He noted that Karnataka’s economy was entering an important phase, with growing opportunities in manufacturing, semiconductors, aerospace and defence. Attracting investments from international markets has therefore become a priority for the government. The minister said discussions had also covered appointing qualified professionals to head IKF offices in selected countries. In other locations, the government is considering appointing country leads through the forum. Another meeting will be held soon to continue discussions and take the proposal forward. Patil said the government had restructured IKF after coming to power to make it more active and effective in attracting investments. With the new industrial policy identifying priority sectors, the state is seeking to strengthen its position in the global investment market. He stressed that Karnataka must engage directly with potential investors in their home countries to explain the state’s industrial opportunities. Without such efforts, investors could choose other states for their projects, he warned. Aequs Group CEO Aravind Melligeri attended the meeting virtually. Industries Department Principal Secretary S. Selvakumar, Commissioner of Industries Khushboo Goyal and IKF Chief Operating Officer Praveen were also present.
Patil warns KIADB plot defaulters of cancellation
Minister for Large and Medium Industries M.B. Patil has directed officials to cancel industrial plot allotments under KIADB rules if entrepreneurs fail to make payments within the prescribed period. At a review meeting at Khanija Bhavan, he warned that officials who failed to enforce the rules would face action. Allottees must pay 30 per cent of the amount within one month. An additional month may be granted upon request, with 10 per cent interest. If payment remains pending, the allotment must be cancelled. Patil said high demand required strict enforcement and urged officials to allot recovered plots to financially capable investors. Senior Industries Department and Karnataka Udyoga Mitra officials attended the meeting.
