PM to virtually inaugurate GIM on Nov 2

BENGALURU: With just 10 days to go for the mega event of the state – Invest Karnataka – The Global Investors Meet 2022, the state government is making all preparations to make it big.

The inaugural ceremony on November 2 will be virtually opened by Prime Minister Narendra Modi and also attended by Union Ministers Nirmala Sitaraman, Smriti Irani, Bhagwanth Khuba and Nitin Gadkari, said state Industries Minister Dr. Murugesh R Nirani at a press conference here on Thursday.

The GIM 2022 will be a platform to join industry leaders, innovators and policymakers from all over the globe to explore new growth possibilities. This year’s meet will focus on getting thought leaders, political leaders and business leaders to carve out the development agenda.

“The Global Investors Meet will showcase the robust industrial-friendly ecosystem, attract investments from global players, and spread industrialization across the state. The state is expecting over Rs 5 lakh crore in investments and the generation of 5 lakh jobs through the GIM”, Nirani noted.

The minister said that the state was looking at forging partnerships with various business houses across India and the globe. With the key themes of resilience, innovation, sustainability, and equity, we are committed to setting Karnataka’s development agenda in line with global best practices and showcasing our strong ability to ‘Build for the World’.

“We have recently completed international roadshows in Japan, South Korea, the US, and Europe and domestic roadshows in Delhi, Hyderabad, and Mumbai. Our aim is not only to get investments but to bring the industry giants under one platform. We are expecting around 5000+ global delegates to attend the Meet. The GIM with contemporary themes will be an opportunity to connect, collaborate and network with global leaders he added.

For the Global Investors Meet, a total of 50,000 acres of land — 20,000 acres in Bengaluru and 30,000 acres across the state has been earmarked.

Karnataka has already secured Rs 4 lakh crore+ worth of projects across sectors such as green hydrogen, electronics manufacturing, renewables, aerospace and defence, e-mobility, and infrastructure (this investment size is expected to increase in the month’s post-Global Investors Meet). The State has seen a 66% conversion of MoUs signed in the industrial sectors to investment proposals being filed over the past 1 year. This conversion ratio is expected to cross 80% over 3-6 months after the Global Investors Meet.

Karnataka has emerged as India’s leading investment destination through many reform measures taken by the government. Investments of more than Rs 3 lakh crore have been confirmed through the execution of MoUs. The state continues to remain at the number one position in attracting FDIs during Apr’21-March’22 with Rs 1.76 lakh crore ($22.1 Bn), 38% share of the total FDI in India.