Karnataka sets up - Special Investment Promotion Task Force headed by the Chief Secretary to attract investments especially from disenchanted multi-national companies looking to shift manufacturing bases away from China.

According to the State’s Department of industries and commerce note, “This is an opportunity for India to attract industries here, bringing with their investment both jobs as well as transfer of technologies. It is here India stands a good chance to emerge as a reliable substitute, given its congenial landscape for manufacturing as well as its vast consumer market.”

The terms of reference for the task force is to identify sectors in which Karnataka can attract investments “due to relocation from other countries post-Covid-19”.

To formulate special incentives package and facilitation needed to attract investments, to identify key infrastructure projects including dedicated industrial township that needs to be undertaken or expedited to attract investment, to identify measures to fast track to promote and to recommended outreach activities and brand building to position Karnataka as an attractive investment destination.

The task force will include principal secretary industries and commerce, principal secretary MSMe and Mines, commissioners commercial taxes and industrial development with director industries as member convener. Two members will be nominated from Japan External trade organisation (JETRO), Korea Trade Investment Promotion Agency (KOTRA), Korea Chamber of Commerce and Taiwan External Trade Development Council (TAITRA); two from Indo-American Chamber of Commerce, US-India Strategic Partnership forum (USISPF) and US-India Business Council (USIBC); and nominees from Indo-French Chamber of Commerce and Industry (IFCCI) and Indo-German Chamber of Commence (IGCC), Enterprise of Singapore, and representatives from Korean, US, Taiwanese French and German companies based in Karnataka.

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