Rs 1,500-cr investments expected at coastal summit

Investments to the tune of Rs 1,500 crore are expected at the first ever Coastal Business Development Summit to be held in Mangalore on January 4 and 5, J R Bangera, President, Federation of Karnataka Chamber of Commerce and Industries (FKCCI) said.

The investments would be mainly in food and marine processing industries besides tourism and health sector.

Speaking to reporters here on Friday Bangera blamed the State government for not prioritising development of coastal regions and creation of ports until recently. He added that the government must also revisit Coastal Regulation Zone Act as there is a tremendous scope for beach tourism across the entire shoreline of the State.  

Bangera was asked if the issue would create more protests and agitation from local agriculturists and environmental activists who are already facing trouble from existing mega industrial projects in the area. “We are clear on giving only non-agricultural land for this purpose. Also, FKCCI insists that more medium scale industries come up in coastal Karnataka and not large projects that threaten environment,” he said.

He said the Hubli – Ankola rail link project is currently ‘in the cold storage’ due to unfounded controversies surrounding it. “The railway line passes through tunnel which will not affect wildlife and forest cover in the area. If this link commences, the opportunities for development and labour are tremendous,” said Bangera.

The summit will bring together 3,000 entrepreneurs from across India a few with tie-ups abroad. Roughly Rs 60 crore investment interest has been shown from the hotel industry for the coastal regions.

The different sessions during the event will include, land and industry, infrastructure, tourism, knowledge sectors, food and marine processing, education and business opportunities.