The Karnataka government in partnership with US-India Business Council (USIBC) is exploring business opportunities and investments for American investors in Karnataka.

Participating in a virtual delegation meeting with American Business houses to attract trade and investments to the State, Chief Minister of Karnataka B S Yediyurappa on Tuesday held talks with US industry captains and detailed on the huge opportunities in IT, ITeS services, machine tooling, manufacturing, aerospace, biotechnology and engineering design.

Chief Minister, driving a point on uncertainty around the US-China economic relationship, as well as the coronavirus outbreak, provides an opportunity to evaluate the US-India trade and economic relationship. This would make India a competitive destination for many US companies.

He further said: “Karnataka is the favoured choice of investors and is home to 400 of the Fortune 500 companies in the world. The State is currently ranked second in terms of FDI investments for the period ending March 2020.”

The India-US relationship continues to strengthen with strong strategic, defence, and people-to-people ties. The trade between the two countries has grown significantly over the last two decades, from $19 billion in 2000 to $149 billion in 2020.

“Karnataka has exhibited significant potential in many sectors and offers a policy-driven ecosystem for industries and is characterised by responsive and industry-friendly administration and policy continuity. We have dedicated policies to promote various sectors such as biotechnology, healthcare, semiconductors, agriculture, automobiles,” said Yediyurappa.

Nisha Biswal

Speaking on the occasion, Nisha Biswal, President of the US-India Business Council (USIBC), said “Today’s discussion with Chief Minister Yediyurappa, Ambassador Taranjit Sandhu, USIBC Board Member Kiran Mazumdar Shaw and other industry leaders highlighted the opportunities Karnataka presents in many sectors. Karnataka has undertaken significant policy reforms to become one of India’s most business-friendly states. As India seeks to compete on the global stage, Karnataka’s “New Industrial Policy” and similarly forward-leaning policies will be critical to attracting investment and creating new jobs.”

The State has been an attractive investment destination and is one of the most industrially advanced states in India. Today, Karnataka is a nearly $250-billion economy and growing strong.

Gaurav Gupta, Karnataka Principal Secretary, Commerce & Industries Department, said the State has been successful in providing the needed economic and social infrastructures for investment, industries and business to the US companies. “I am sure that together Karnataka and the US can forge a mutually beneficial economic partnership. The state offers a policy-driven ecosystem for industries – is characterized by responsive & industry-friendly administration, business and policy continuity.”

“I believe that the current geopolitical scenario has presented a golden opportunity to further nurture the US - Karnataka bilateral relationship and transform it into a global strategic partnership. Karnataka is the knowledge capital of India and has been at the forefront of innovation,” said Gunjan Krishna, Karnataka Commissioner for Industrial Development and Director of Industries and Commerce.

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