Karnataka inks MoU with Hungary

Karnataka is pitching for investments in defence and aerospace from the Central European countries.

Karnataka, which had been selected ‘Partner state’ for the India Central Europe Business forum (ICEBF), presented its strengths before the Central European countries at an event on Monday.

The Karnataka government and the Ministry of Foreign Affairs and Trade, Hungary, signed an MoU for cooperation in areas such as water management, automotive manufacturing, IT, agriculture, healthcare etc.

Karnataka Minister for Large and Medium Industries and Tourism RV Deshpande said the State has strengths in key sectors such as IT, biotech, tourism, among others. Its rich natural resources and leadership in key business sectors are other attractions.

Central European economies with their industrial expertise could enter into collaborative partnerships with Karnataka, Deshpande said.

“The State is also growing as a manufacturing hub. Many European companies such as Volvo and Scania have set up shops,” he added.

The State offers significant scope for India-Central Europe partnerships. Bengaluru is a hub of defence and aerospace industries in India, said Ratna Prabha, Karnataka Additional Chief Secretary.

Laszlo Szabo, Deputy Minister for Foreign Affairs and Trade, Hungary, said the MoU highlights the strong complementarities that exist between India and Central Europe.

He said that a Hungarian firm was associated with India’s Mars mission. He invited the Karnataka Government to send a business delegation to Hungary to explore investment opportunities in the Central European country.

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