BWI: Global Investors Meet 2010 Promises Accelerated Growth for State of Karnataka

Press release from Business Wire India
Source: The Global Investors Meet 2010
Thursday, June 03, 2010 05:12 PM IST (11:42 AM GMT)
Editors: General: Consumer interest, People; Business: Banking & financial services, Business services, Energy companies, Financial Analyst, Healthcare, biotechnology & pharmaceutical, Heavy industries, Information technology; Technology; Healthcare
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Global Investors Meet 2010 Promises Accelerated Growth for State of Karnataka
Attracts Investments worth Rs 3.5 lakh Crores; Over 400 MoUs signed; Hosts over 5,000 delegates

Bangalore, Karnataka, India, Thursday, June 03, 2010 -- (Business Wire India) -- The Global Investors Meet 2010 was inaugurated today by Shri Arun Jaitley, Leader of Opposition in the Rajya Sabha, at the Palace Grounds, Bangalore, firmly positioning Karnataka as the The Knowledge Hub of Asia.

Presided over by Shri B S Yeddyurappa, Hon'able Chief Minister of Karnataka, along with Shri Murugesh R Nirani, Hon'able Minister for Large and Medium Scale Industries, Advantage Karnataka attracted over Rs 3.5 lakh crores of investments, which will result in providing accelerated growth throughout the state. The two day event received an overwhelming response of over 5000 investors and will witness the signing of over 400 MoUs from the USA, UK, Canada, China, Japan and Saudi Arabia.

In the Inguration session on the first day, 29 companies signed 41 MoUs, including Arcelor Mittal's Rs. 30,000 Crore Integrated Steel Plant coupled with captive power plant, JSW's proposed Rs. 15,000 Crore capacity expansion of its integrated steel plant coupled with a captive power plant, and Rajshree Cements' Rs. 3000 Crore capacity expansion of its cement and captive power plants. Home grown companies such as Wipro Limited and United Breweries Limited have reaffirmed their faith in their state with their Rs. 537 Crore Software Development Centre and Rs. 45 Crore Beer Brewery respectively.

Union Minister of Law and Justice, Sri M. Veerappa Moily, inaugurated an exhibition on different sectors in the State. The exhibition highlighted the first-mover advantage Karnataka has over others in sectors like tourism, Information Technology, aviation, defence technology and several others. Mr. Moily commented, "This exhibition is a testimonial to Karnataka's credentials as a progressive, investment-friendly state. It has all the critical factors required to become a sought-after destination for investors, like proactive policies, rich human and natural resources and rapid development across sectors."

Applauding the efforts of the Government of Karnataka towards positioning Karnataka as the undisputed investment destination, Shri Jaitley, at the inaugural session, said, "I am delighted to be a part of this Landmark event. The surge in investments flowing into the state signifies a benchmark not just in India, but also with its Asian counterparts. I wish success for the visionary approach initiated by Mr. Yeddyurappa for sustainable development throughout the state."

Commenting on the inauguration of the meet, Sri B S Yeddyurappa, Chief Minister of Karnataka, said "The Global Investors Meet 2010 is a big step towards realizing our vision 2020 for Karnataka - - to make Karnataka a model State, which is globally known for its vibrant economy and investment potential. I'm also very happy to inform you that we have been able to remove the 'red-tape' from governance and have instead laid-out the red carpet for investors in Karnataka."

The inaugural session was attended by over 18 Chief guests including Mr. L N Mittal, Mr. Kumar Mangalam Birla, Mr. Azim Premji, Dr. Vijay Mallya, Mr. Shashi Ruia and 32 Guests of Honour. In this session, Sri Subodh Kant Sahay, Union Minister for Food Processing Industries, unveiled the district and sector profiles, highlighting the strengths of the state as an appealing destination for the Global Investor.

The district profiles, released by Kasturi Rangan, Memebr - Planning Commission, Government of India, cover all 30 districts of Karnataka, and provide a comprehensive insight into the economy and industry, agricultural production, investment opportunities, current existing industrial scenario and tourist attractions of each district.

The sector profiles provide a holistic overview of twelve key sectors, namely Information Technology and Biotechnology, Power, Infrastructure, Aerospace, Food Processing, Minerals, Automobile, Health, Textiles, Education, Tourism, Micro, Small and Medium Enterprises. The profiles highlighted the growth of these sectors globally, nationally and specifically in Karnataka. They contain a comprehensive analysis on the many benefits of investing in Karnataka, a state recognized by the World Bank as the "Best Place to Live and Work."

The Government of Karnataka also unveiled its one-of-a-kind online platform for investors www.karnatakainvestorshelpline.com. This platform gives the investors impressive facilities including online application tracking, where investors can avail of automatic approvals, track progress of their applications and receive updates on a regular basis. A separate cell with a Nodal Officer has been created to oversee the development of the investors helpline.

Advantage Karnataka also featured individual sector sessions where experts from each sector shared their experiences and success stories with prospective investors.
The two-day schedule for Advantage Karnataka is as follows:

1. Thursday, June 3rd 2010
. 10:30 a.m. - 13:00 p.m. - Inaugural session
. 14:00 - 17:30 Four parallel sessions (Aerospace, Minerals, Tourism, Bio Technology)

2. Friday, June 4th 2010
. 10:30-1:00 p.m. - Four parallel sessions (Auto, IT, Power, Infrastructure)
. 14:00-15:30 p.m. - Four parallel sessions (Food Procession, Textile, Healthcare and Education)

The Global Investors Meet 2010 is an unprecedented initiative of the Government of Karnataka to position the state as the sustainable destination for investments, aiming at a holistic sector-wise growth across all sections. The State has very strong credentials with its economic growth on a rapid and steady ascent. The meet is an opportunity for investors to identify their areas of interest and explore opportunities of investing in Karnataka. Prior to the Meet, the Government of Karnataka also organized interactive road-shows in different parts of the world like the UK, USA, China, Germany, France, Singapore and Korea.

For more information, log onto: http://www.advantagekarnataka.com/gim_logo.html


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CONSUMER, PEOPLE, BANKING, BUSINESS SERVICES, ENERGY, Financial Analyst, HEALTHCARE, HEAVY INDUSTRIES, IT, TECHNOLOGY, HEALTHCARE

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