Govt forms task force to push up US investments in Karnataka

The Commerce and Industries department has constituted a task force to exclusively cater to US companies interested in investing in Karnataka.

The 15-member task force, headed by the Additional Chief Secretary of the  Commerce and Industries Department, has representatives of United States industry associations and trade bodies in India, besides senior state government officials.

Sources in the department said the constitution of the task force is part of state government’s “first mover advantage” strategy to tap a large chunk of the growing bilateral trade between India and the US. It is estimated that the bilateral trade between the two countries has the potential to grow to $500 billion by 2025.

The panel will interact with US companies, departments and other agencies to facilitate investment. The panel will identify bottlenecks faced by US investors in the implementation of their investment proposals and address them in consultation with departments concerned.

The sources said the state is looking at investments from US companies in the manufacturing sector with special emphasis on green, advanced and smart technologies.

Besides senior government officials from the department of energy, infrastructure, tourism, IT & BT and pollution control board, the task force will have representatives from American Chamber of Commerce in India, Indo-American Chamber of Commerce and US-India Business Council.