At least 50 memoranda of understanding (MoUs) involving an investment pledge of Rs 40,000 crore are ready to be inked by Karnataka at the two-day Global Agri Investors Meet here from December 1, the Chief Minister, Mr D.V. Sadananda Gowda, said on Friday.

“The Government expects to lure investments of Rs 51,727 crore at the Global Agri Investors conference,” he told reporters.

The Union Agriculture Minister, Mr Sharad Pawar, the Opposition leader in the Lok Sabha, Ms Sushma Swaraj, and the Union Corporate Affairs Minister, Mr Veerappa Moily, would attend the summit, he said.

In an apparent attempt to avoid protests from farmers, who have expressed fears that the Goverment would acquire their lands to give it to MNCs, Mr Gowda urged them not to be carried away by “misinformation campaign” launched by some quarters.

He said the Karnataka Industrial Area Development Board and Karnataka State Industrial Investment Development Corporation have 1,000 acres while the Government has wasteland, which would be given to investors.

“No fertile land will be acquired. Only wasteland will be given to investors.

“The Government is not supporting capitalists in this meet, aimed at giving stability to the agriculture sector, improve productivity and ensure remunerative prices to farmers,” Mr Gowda said. He said the Government plans to improve cold storage chain, post-harvest techniques and food processing industries in the State to enhance export and create employment. He said countries such as France, the Netherlands and Australia would participate in the meet, besides domestic investors.

Development of special facilities of agriculture food processing industries, horticulture sector are expected to attract Rs 36,000 crore investment, he said.

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