Karnataka announces deals worth Rs 22,000 crore at Davos World Economic Forum

DAVOS: On the sidelines of the World Economic Forum (WEF) in Davos, Commerce and Industries Minister M B Patil announced a slew of investments in Karnataka with a potential deal size of Rs 22,000 crore. The minister said the trip to Davos, which was undertaken with the aim of increasing job creation and capital investment in the state, has been successful.

Patil said, “It’s a great visit. Karnataka has always been at the forefront of attracting investment and this is a platform where we meet CEO’s of various companies. Karnataka has participated in Davos for many years and this year, so far, we have attracted Rs 22000 crore in investment”.

#WATCH | Davos, Switzerland | Karnataka Minister M.B. Patil says, "The world is looking towards India. You can see the participation of all states. Even India companies have been participating here (World Economic Forum)…In India, the preference is Karnataka, Bengaluru because… pic.twitter.com/CeZlvHfKBc

— ANI (@ANI) January 18, 2024

“Karnataka is a global competitor, Bengaluru is known as the Silicon Valley of India and it is competing globally in various sectors like electronic design, clean mobility, etc. We have a strong ecosystem and a strong heritage, many major PSUs like BHEL, ISRO are present in Bengaluru. We are also looking at leveraging on Isro’s achievement to make strides in the space sector. Karnataka is the innovation capital with many educational institutions”, the Minister added.

According to the minister, some of the key investments proposals signed at Davos include deals with companies like ABInBev and NTT.

Karnataka Shines at Davos: $2.6 Billion Investments Fuel Innovation and Impact
Day three of the summit saw Karnataka clinch deals totaling a staggering $2.6 billion.

The summit witnessed industry giants like Web Werks, Microsoft, Hitachi, Lulu Group, Hewlett Packard (HP),… pic.twitter.com/2bi5rmD3R6

— M B Patil (@MBPatil) January 17, 2024

“Talked to many reputed companies including Data, Cisco, Swiggy and attracted more investment. #ABInBev India company spends Rs 400 crore to increase its production. Agreed to invest. NTT has already invested USD 900 million. The data company has decided to invest another USD 2 billion in the coming years. HP has decided to create an additional 4,000 jobs and will open 2 new fully equipped offices in Mahadevpur, Bengaluru. Petronas (Genatri), a clean energy company, aims to produce 30 gigawatts of energy by the end of this year. Companies like Cisco in cyber security, Swiggy in urban traffic systems and Volvo in electric vehicles have come forward to invest heavily. Our efforts to make Karnataka a leading state in the country in the field of industry are continuously progressing”, MB Patil said in his post on X.

On January 17, Karnataka inked an MOU with Web Werks India Pvt Ltd at the World Economic Forum. Web Werks will invest a massive Rs 20,000 crore investment for a new data centre park in Bengaluru.

“The summit witnessed industry giants like Web Werks, Microsoft, Hitachi, Lulu Group, Hewlett Packard (HP), Honeywell, Inox, Volvo, Nestle, Coinbase, Takeda Pharma, BL Agro and many more have expressed eagerness to invest in Karnataka’s Development Vision. As, our delegation engages with industry leaders, more partnerships are on the horizon. From game-changing tech investments to social impact initiatives, Karnataka’s impactful presence resonates throughout the summit”, M B Patil had said on Wednesday.

With its demographic capital and resource availability the minister believes that Karnataka now competes globally when it comes to attracting investments. (ANI)