State biz move bowls Buffett over

Karnataka doing the right things in wooing investors, says investment guru

“I am impressed with the efforts the Karnataka government is making to attract global investments in the State...Very few governments are doing such a good job,” Buffett said after he viewed a presentation on the investment proposals signed during the Global Investors’ Meet held in June last year.

Lauding the State government for “doing the right thing” to attract global investors, Buffett said he made the right decision to first land in Bangalore on his maiden trip to India and was delighted to be in this tech hub.

“You are doing the right thing. I couldn’t feel more delighted to be here. This is my first trip to India and I first landed on Bangalore soil. I think I made the right decision. I could not feel more welcome and people are wonderful,” Buffett said.

He also hailed the State government for facilitating the setting up of a food-processing plant at Nanjangud near Mysore by global fast-moving consumer goods major Nestle in a record 10 months, and said even in the US it was not possible to implement a project so fast.

At an interactive session with the chief minister and top officials of the government, Buffett expressed his readiness to do business in India. “I look forward to doing more business in India. We want to be where the action is and the action is here. I came here with enough knowledge of the Indian economy and that has been reinforced,” he asserted. He also expressed his desire to revisit India and Bangalore again in 2030 when he would turn 100, though he would like to come much earlier, too, the Berkshire Hathway chief executive said.

“They treated me much better in India than they do in the United States and I am touched by the Indian hospitality,” Buffett told the chief minister.

Referring to his philanthropic activities, Buffett said he would talk to Indian billionaires on what he was doing in the area and how to give back more to society.

“We are not here to pressure anybody. Everybody has his own understanding of philanthropy. I will be talking to Indian billionaires about our philanthropic activities and find out what they are doing,” Buffett pointed out.

Invest in State: Yeddyurappa

Chief Minister B S Yeddyurappa invited Buffett to be the chief guest of the next Global Investors’ Meet the State government is planning to organise in June 2012, and urged him to explore investment opportunities in Karnataka.

“I invite you to invest in Karnataka in different sectors and assure you of all the support and coordination from our government,” Yeddyurappa told Buffett.