Investors' meet, planned in November to be deferred

The 'Invest Karnataka' global investors' meet (GIM) proposed to be held at Palace Grounds in Bengaluru from November 3 to 5 will be postponed due to the crisis caused by Covid-19.

"Organisning GIM requires a lot of preparations, including holding roadshows, meeting major industrialists and convincing them about the benefits of investing in the State, even amidst economic slowdown. Such activities were delayed due to the Covid-19 situation. This process is going to begin now and the GIM will be postponed for two-three months," Large & Medium Scale Industries Minister Jagadish Shettar told DH.

During the 'Invest Karnataka-Hubballi' conference held in Hubballi on February 24, as many as 51 companies had expressed interest to invest Rs 71,000 crore in the North Karnataka region over the years. However, that process suffered a setback due to the Covid-19 situation and the lockdown. Now, follow-up procedures have begun to implement those MoUs, the minister said.

Rajesh Exports Private Limited (REPL) alone had promised an investment of Rs 50,000 crore and the creation of 10,000 jobs, by setting up electrical vehicles and lithium battery manufacturing units. Shettar said he had spoken to REPL chief Rajesh Mehta and he had given a positive response.

"Our officials have started a correspondence with industrialists who have promised investment in the region and their requirements, including tax concession and land, will be looked into. Though there was some hesitation earlier, the situation is changing now. It is expected that the process of actual investment in the region will begin soon," Shettar said.