K’taka attracted investment commitment of Rs 65K-cr: CM

Karnataka Chief Minister Basavaraj Bommai on Friday said the State government has succeeded in drawing investment commitment worth about Rs 65,000 crore with its participation at the World Economic Forum Meet in Davos, Switzerland.

Karnataka is at the forefront in attracting investments and the WEF Meet has proved to be a “success”, he said, as he asserted that the State has “not lost or is not going to lose” in attracting investments in the backdrop of such concerns citing certain developments locally.

“Investment commitments worth Rs 60,000 crore-65,000 crore are expected to flow into the State after our discussions with about 25 companies during the Davos meet,” he said.

Speaking to reporters after returning from Davos, he said the investments are a proof of the immense trust and faith Karnataka enjoys, especially with regard to its technology base, skilled manpower, among the top corporates of the world.

“They are of the opinion that Karnataka is the destination for investment in new technologies...the government is committed to ensuring implementation of these investment commitments with an end-to-end approach,” he said, adding that all these projects would be sanctioned in six months and it may take one to two years for realisation, while renewable energy related ones would take 5-7 years.

The government is expecting a good response to its Global Investors’ Meet to be held in Bengaluru in November and the Bengaluru Tech Summit after this Davos meet.

On neighbouring Andhra claiming a higher investment of Rs 1,25,000 crore investment, Bommai said Karnataka cannot be compared with any other States, as the State has international standards and is attracting investment from companies of similar standards.