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 Chances
are, the Chief Minister of Karnataka, S.M. Krishna, may have
felt let down when the President of USA, Bill Clinton decided
against visiting Bangalore and instead chose Hyderabad, during
his recent trip to India. But the Global Investors' Meet (GIM),
held in the city on June 5th and 6th has brought a real bonanza
to Karnataka in general and Bangalore in particular. The companies
which participated in the GIM have made a beeline to Karnataka,
with investment of thousands of crores in order to start several
industries in and around Bangalore and elsewhere in the state. They
include global and multinational companies, along with indigenous
giants.
The state Government is following up the global business event rigorously
till the end of June to pool the investments from the GIM to the
optimum level. On June 9th, "Rs 700 crore worth MoUs were signed
towards investment in the state by various global, MNC and indigenous
companies" according to M. Viswanath, Joint Director of State
Industries and Commerce . "We cannot sum up and tell
you the total investments that were committed by the companies to
the state since the process is to be continued during the whole
month," he added.
HIGHLIGHTS OF THE GIM
MoUs signed
Karnataka has signed several Memorandums of Understanding with
many big companies during the GIM.
Following are the few MoUs signed by Karnataka during the GIM.
Media baron, Rupert Murdoch, is to invest huge capital
in the State software sector, through his Star News Corp,
Global Software Network in Bangalore. Investment: Rs. 1,000
crore
Markets India Petrogas Ltd: LPG stations and conversion
kits. Investment:
Rs 2,000 crore.
Bharti Mobiles: Fibre Optic Cables. Investment: Rs 2,000
crore
Hampi Petrochemicals: Coke and a power plant at Raichur.
Investment: Rs 575 crore.
Dipkit, London: Refined Sunflower Oil Extracting Co. at
Bagalkot. Investment:
Rs 195 crore.
India Media Valley: Audio and Video CD-ROMs. Investment:
Rs 111 crore.
AT and S: Printed Circuit Boards. Investment: Rs 130 crore.
The State Government's Single Window Agency has so far approved
31 projects worth Rs 333.32 crore.
The High Level Committee has cleared Rs 2,249 crore for a 448-MW
refinery-based power plant of Grasim Industries in Mangalore.
Jindal Tractoable Power Company has committed to invest Rs 2,000
crore in a 500 MW power plant at Sandur near Bellary.
Infosys Technologies is to set up a Software Technology Park
at Hebbal in Mysore by investing Rs 48 crore. · Refined edible oils
and Vanaspathi unit at a cost of Rs 45 crore is to be set up by
Liberty Investment Private Limited.
Canadian International Development Agency to lay 10 kms of road
in Bangalore using advanced technology.
Malaysian investors have expressed interest in building both
roads and multi-storeyed parking complexes in Bangalore.
The Chief Minister, Mr Krishna, has ruled out any kind of concessions
to the investors, but has promised investor-friendly and accommodative
atmosphere by the state. Karnataka is in the race for competition
to welcome investments, the Chief Minister asserted soon after the
two day GIM meet.
The State Government has been explaining to the investors about
the potential sectors like food processing, tourism and infrastructure.
"Tourism is a big dent in this area. Our hands will be full in
terms of the follow up to the GIM," Krishna said,
hinting about a possibility of a huge entry of investors into the
tourism sector.
Potential areas the government is highlighting for investment:
IT, electronics and telecommunication, bio-technology, electronics
and telecommunication, biotechnology, apparel exports, agro based
industries and food processing, automobiles and components, pharmaceuticals,
tourism, industrial townships, power generation and distribution,
express highways, minor seaports and airports.
WHY ARE INVESTORS FLOODING TO KARNATAKA?
State nodal agency, Karnataka State Industrial Investment Development
Corporation will provide all escort services to get permissions
from the government.
Experienced professionals, talented newcomers, less troublesome workforce,
quick decisions and hassle free assistance from the state government
are considered to be some of the focal points which attract the investors
to Karnataka. More than that, Karnataka promises a salubrious climate
compared to other hot weathered states of India. Karnataka has an
exclusive policy on IT called Mahiti.
The $300 million project of Bangalore International Airport is
likely to be taken up during this year, since the centre has cleared
the project. For Karnataka, the International Airport, which is still
in the pipeline, will soon become a big boon to attract more global
investments. "United Airlines has evinced keen interest in letting
its international flights come to Bangalore" Krishna has said.
On June 30th, during the valedictory function of the GIM, more action
plans on the announced Bangalore International Airport is likely to
be announced by the state. Government is to hold a mining convention
in August as a follow up of the GIM's pending licences for major mining
companies, which will be cleared then.
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7:28:06 AM 
