Preparations for the biennial Global Investors Meet (GIM) have commenced in full swing with a team headed by Additional Chief Secretary to the State government Rathnaprabha leaving on a weeklong trip to Sweden for a discussion with multinational companies (MNCs) to invest in Karnataka.
Sources in the State Secretariat told The Hindu that with most information pertaining to industrial investments in Karnataka available online, the new strategy was to call on top executives of MNCs and explain to them about the favourable industrial climate that prevails in the State and how an investment here could augur well for the company concerned. The present effort is to complete all preliminary groundwork ahead of the meet.
The government is yet to finalise the schedule for GIM, and in all likelihood, it will be held in February or March 2015. An announcement of the date is expected in about a fortnight and the schedule will be finalised in consultation with Chief Minister Siddaramaiah.
One of the important messages sought to be conveyed is that the State, a pioneer in the field of industrialisation in the country, believes in proactive policies favourable to investors. The pragmatic policies have led to building the Software Technology Park, setting up the Aerospace Special Economic Zone, and making rapid strides in the establishment of a Nano Park, a Global Financial District, Knowledge City, and an industrial zone for ancillaries in the Defence sector.
The first indication that the Congress government will continue with GIM, started by the Bharatiya Janata Party government, came in June 2013 with the then Governor H.R. Bhardwaj announcing that the third meet will be held in 2014.
‘Favoured destination’ Mr. Siddaramaiah, in the run-up to GIM, is preparing to convey that Karnataka is a favoured destination for investors. An exercise has also been undertaken to convey that the government, while ensuring that farmers are not let down in the process of land acquisition, is gearing up to go all out to provide essential infrastructure such as land, power and water, and other facilities to investors.
Among the achievements of the first GIM, held in June 2010, was the Dabhol–Bangalore gas pipeline constructed by Gas Authority of India Ltd. Other proposals such as that of Bramhani Industries, promoted by the then Minister G. Janardhan Reddy, with an investment plan of Rs. 36,000 crore to set up a 6-million tonne steel plant in Bellary, and that of South Korean steel major Posco, which promised an investment of Rs. 30,000 crore in Bagalkot, never took off.
Sources in the State government said the focus of the ensuing GIM would be on the manufacturing sector. An all-out effort would be made to generate employment opportunities for the people of the State, the sources said.
