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Karnataka showcases state for Australian investments

The state is a leading player in multiple sectors like aerospace, textiles, agribusiness, and biotechnology.

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The state government of Karnataka has pitched the state for Australian investments, showcasing its multiple strengths in various fields. Deputy Chief Minister C. N. Ashwath Narayan and other senior officials recently held a virtual meeting with Australian government officials, aimed at attracting the country’s trade and investments into the state.

“I invite Australian companies to actively consider Karnataka as an investment destination. The Government of Karnataka assures complete support and we look forward to a fruitful engagement with Australian companies,” said Gunjan Krishna, Commissioner for Industrial Development.

Deputy Chief Minister Narayan explained the various business opportunities and investments to Australian High Commissioner to India, Barry O’ Farrell, in the realms of electronics and semiconductors and others.

“Karnataka has been the preferred choice for investors in the country, and we are currently ranked third in terms of foreign direct investments (FDI) for the period ending March 2020,” he said.

The southern state is a leading player in multiple sectors with a policy driven ecosystem for industries, including dedicated policies for aerospace, electric vehicles, electronics, textiles, agribusiness, information technology and biotechnology.

According to the minister, Karnataka is a $250 billion economy which is growing at a rate of 9.6 per cent. It counts its traditional strengths in industries such as machine tools, heavy machinery, automobiles, electronics and defence.

“Bengaluru is home to around 400 research and development centres (44 per cent of India’s total) including over 400 belonging to Fortune 500 companies,” he said.

Explaining the state’s response to coronavirus disruption to economic activities, Narayan said Karnataka was one of the first states to lift the lockdown to restart economic activities.

Among the Australian diplomats and senior officials who attended the meeting were Cahterin Gallagher, senior trade commissioner and general manager for South Asia Austrade and Susan Grace, Consul General in Chennai.

READ ALSO: APAC firms changing marketing strategy due to pandemic

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