Bengaluru, Oct 13 Karnataka is exploring the possibility of setting up IKF offices in the United States, Japan, Taiwan, South Korea and France to attract investment, Minister M B Patil said on Tuesday.
Patil said the proposal was discussed at a meeting of the Invest Karnataka Forum Board of Directors at Khanija Bhavan.
According to a statement from the minister’s office, Patil directed officials to assess the proposal’s advantages and disadvantages, hold consultations and submit a report.
He said competition among states to attract industrial investment was intense, with some state governments already taking steps to establish overseas offices to attract investors.
“Karnataka cannot afford to lag in this regard. We must assess each country’s industrial strengths and sectoral specialisations and take appropriate action accordingly,” the minister for Large and Medium Industries said.
Karnataka’s economy was at a turning point, with a growing focus on manufacturing, semiconductors, aerospace and defence, making it essential to attract investment, Patil said.
“We have discussed opening IKF offices in several countries and appointing suitable individuals with the requisite expertise to head them in certain locations. We have also discussed appointing ‘Country Leads’ through IKF in some other locations. Another meeting will be held shortly to take these discussions forward,” he said.
Patil said it was essential to engage with investors in their home countries, as otherwise they might direct their investments to other states.
“Our government restructured the Invest Karnataka Forum after assuming office to ensure that it functions actively and effectively. We are now competing globally to attract investment, and the new industrial policy has identified priority sectors. In this context, we are seriously considering this initiative through IKF,” he added.
(PTI News)
