Karnataka delegation gets investment offer of $6.2 billion in Europe

Karnataka attracts $6.2 billion investment offers from Europe, focusing on chip design, aerospace, and biotech sectors for job creation.

Karnataka has received investment offers to the tune of $6.2 billion from various corporates and business conglomerates from Europe, said Priyank Kharge, Minister for IT, Biotechnology, and Science and Technology, here on Tuesday.

The Minister led a business exploratory delegation to London, France, Germany, Switzerland, and other places in the EU and met up with top officials of various enterprises.

“We met top decision-makers in many companies and we received investment offers of $6.2 billion as an immediate outcome of our business exploratory tours. We hope a majority of them convert into actual business on the ground,” Mr. Kharge said while addressing a media conference at Vidhana Soudha here.

On the kind of businesses that evinced interest in investing in the State, he said it was a mix of sectors ranging from chip design and semicon companies to aerospace and defence and several of them were inquiries for setting up global capability centres (GCCs) in Karnataka.

Responding to a reporter’s query about the number of jobs these projects might create, the Minister said, “The proposed GCCs alone will create 35,000 to 40,000 jobs in the State.” Mr. Kharge said Karnataka had embarked on a “hyper growth” phase.

The delegation also visited California and Massachusetts in the U.S. and participated in the ‘BIO International Convention 2024’ held in San Diego, attended by 18,500 industry leaders globally.

“Our objective was to highlight our infrastructure and policy landscape to biotechnology companies and industry bodies in the U.S., and also to explore future global expansion plans of electronic and biotech firms in the country,” he said.