More than 25 Letter of Intents (LoIs) were signed by companies from Saudi Arabia at a recent roadshow conducted by the Karnataka Digital Economy Mission (KDEM) at Al-Khobar in Saudi Arabia.

KDEM supported the roadshow to showcase the potential of Mangaluru cluster as an emerging technology and investment destination. The roadshow was led by industries from Mangaluru cluster, which is also known as the ‘Silicon Beach of India’.

Also Read | Karnataka Digital Economy Mission seeks formulation of ‘Karnataka FinTech Policy’

Rohith Bhat, Lead Industry Anchor, Mangaluru Cluster, said, “Being the region with the highest literacy rate in the state, a GDP of $20 billion and a rich history of being an entrepreneurial talent hub of India, Mangaluru is at the forefront of industrial growth in Karnataka. Through this roadshow, we have garnered interest from investors in Saudi Arabia who will be setting up operations in Mangaluru across various sectors.”

More than 25 Letter of Intents (LoIs) were signed by companies from Saudi Arabia interested in expanding their business in Mangaluru cluster. As a result of this, more than 1000 jobs will be generated in Mangaluru cluster in the 8-12 months. Over 150 CXOs, including 35-plus CEOs, participated in the roadshow and the KDEM-industry delegation met multiple potential investors during the visit.

Bhat said: “With these partnerships, we foresee multiple collaborations with industry players, and promotion of the development of innovation in Mangaluru. Our anchor sectors like AVGC, fintech, health-tech are the drivers along with global customer support centres growing rapidly year-on-year. We welcome our friends from Saudi Arabia and will do everything possible on ease of doing business, scalability, sustainability and win-win partnerships.”

Successful meetings and interactions were held with the local medium and large companies from eastern province of Saudi Arabia, he said. They are looking to make Mangaluru as their second home for their business with focus areas of IT services, back office operations and engineering design services.

The KDEM delegation was lead by Sanjeev Gupta, CEO of KDEM. He reiterated the importance of the ‘Beyond Bengaluru’ initiative in Mangaluru. The region’s potential has played a major factor in the state’s economic growth, and its exponential growth.

KDEM, along with industry partners, has worked in Mangaluru over the last few years and has aided in the growth of the industrial cluster, driving innovation and transformation in various sectors. In the last 18 months, over 40 companies have setup their operations in Mangaluru cluster, he said.