M B Patil’s US visit garners $3 billion worth of investment interest in Karnataka

Global semiconductor, Aerospace and Defence, Electric vehicles, space, precision manufacturing and health-tech companies from the United States of America have shown interest in cumulatively investing over $3 billion in Karnataka. Some of the global companies are already in the process of investing around $1 billion in the state.

During the recent visit to the US, Minister for Large and Medium Industries M B Patil-led delegation held as many as 36 meetings and discussions, comprising 27 one-on-one meetings and 9 interactions with various companies and explored investment opportunities in electronics & semiconductor, aerospace & defence auto/EV, precision manufacturing and Med-tech sectors.

The delegation held meetings with global companies like Applied Materials, AMD, Juniper, Global Foundries, LAM Research, Boeing, Krypton, Dell, MKS Instruments, GE Healthcare, Intelsat, RTX, Terradyne, Texas Instruments, Apple, and Waters Corp among others.  The delegation also met with a few promising startups like Leolab, Fictive and T-Seconds.

The delegation also met with both the Indian and Kannadiga Diaspora in various events organised by associations such as Indiaspora, NAVIKA, and AKKA.

The purpose of the visit to the USA was to highlight Karnataka as a promising destination for investment. This visit to the US was necessary and important considering the fast-changing geo-political dynamics as a large number of global companies are looking at India as an attractive, safe destination for new investment or expanding their existing presence. 

The new Government took charge in May this year and the delegation led by Patil wanted to reassure the investors that Karnataka is an attractive and favoured destination with its industry-friendly policies, lucrative incentives and availability of technically qualified and skilled workforce, and abundant availability of natural resources. 

Dr S Selvakumar, Principal Secretary to the Government, Department of Commerce and Industries, Smt Gunjan Krisha, Commissioner for Industries, and other senior officials who accompanied Shri Patil detailed Karnataka as an attractive investment destination during the tour.

Minister for IT/BT and Science and Technology Priyank Kharge, and Secretary to Government, Department of Electronics Information Technology Biotechnology and Science & Technology Dr. Ekroop Caur joined Patil during the second leg of the visit to the USA between September 25 and October 6, 2023.

The central themes of discussions with industry leaders centred on joint skilling initiatives, expansion of the supplier base, strengthening the existing R&D ecosystem, and collaboration on establishing Centers of Excellence with the state Government.

As the delegation traversed from the East Coast to the West Coast, spanning states such as Washington D.C, Boston, Texas, and the Bay Area, a consistent theme emerged: India stands out as the top choice for American companies. Karnataka, in particular, is favoured for its robust industrial ecosystem complemented by world-class social infrastructure, improved ease of doing business, a highly skilled and trained labour force, and investor-friendly policies. These policies, which include multiple financial incentives, contribute to creating a favourable cost-economic environment, further solidifying Karnataka's status as a preferred destination for businesses.

Speaking about his successful meetings with the US companies, M B Patil, Minister for Large & Medium Industries & Infrastructure Development, Government of Karnataka, said, “We have met some of the prestigious companies in the United States during our visit and we have tried to understand their requirement and have invited them to Karnataka for expansion or collaboration. We had been to the US with a mission and a clear vision for Karnataka and I am happy to share that the visit was fruitful. There is a renewed beginning for the state.”

“We have offered all possible support to the companies to invest in Karnataka and briefed the senior executives of global companies about the state’s ease of doing business, favourable policies, sectorial incentives, and industrial infrastructure built in the state. Our main objective was to showcase Karnataka as an attractive investment destination.” M B Patil said.