New Delhi [India], October 13 (ANI): The Karnataka government is considering setting up overseas offices of the Invest Karnataka Forum (IKF) in the United States, Japan, Taiwan, South Korea and France to attract investments into the state's industrial sector, Industries Minister MB Patil said on Tuesday.
The proposal was discussed at a meeting of the IKF Board of Directors at Khanija Bhavan, where Patil directed officials to assess the advantages and disadvantages of the move, consult relevant stakeholders and submit a report.
“There is intense competition among States to attract industrial investments. Some State governments have already taken steps to open offices in the countries mentioned above to attract investments. Karnataka cannot afford to lag behind in this regard,” Patil said.
He said the state would assess the industrial strengths and sectoral specialisations of each country before deciding on the next steps.
Karnataka is increasingly focusing on manufacturing, semiconductors, aerospace and defence, making the attraction of fresh investments important for its industrial growth, the minister said.
The government is considering different approaches for its overseas presence, including appointing individuals with relevant expertise to head offices in some locations and designating country leads through IKF in others.
“Another meeting will be held shortly to take these discussions forward,” Patil said.
He added that the government had restructured IKF after assuming office to make the organisation more active and effective in facilitating investment.
“We are now competing globally to attract investments, and the new industrial policy has identified priority sectors. In this context, we are seriously considering this initiative through IKF,” Patil said.
The minister stressed the need to engage directly with investors in their home countries, warning that Karnataka risked losing potential projects to other states if it did not strengthen its outreach.
The proposal comes as the state seeks to attract investment in sectors identified as priorities under its industrial policy. However, the government has not yet announced a final decision on establishing the overseas offices, with officials first tasked with evaluating the proposal.
Aequs Group Chief Executive Officer Aravind Melligeri participated in the meeting virtually. Industries Department Principal Secretary S Selvakumar, Commissioner of Industries Khushboo Goyal and IKF Chief Operating Officer Praveen were also present. (ANI)
Karnataka plans overseas investment offices in five countries to attract industrial projects
