Murugesh Nirani pitches for German investments in the state

Bengaluru: Pitching for German investments in Karnataka, Large and Medium Industries Minister Murugesh Nirani on Thursday invited Germany to collaborate with the state in hosting the ”Global Investors Meet” (GIM) from November 2 to 4, 2022.

GIM would be a great platform to explore investment opportunities, Nirani said during his interaction with a delegation led by the Consul General of Germany Achim Burkett here, the minister”s office said in a release.

Pointing out that Karnataka is an ideal destination for investments, Nirani said the state and Germany share a strong relationship especially in areas of trade and FDI.

“Our state is home to nearly 200 German companies such as Bosch, Siemens and Carl Zeiss. We both focus on major industries like auto and auto components, engineering and machine tools, chemicals, innovation and R&D etc,” he said.

Briefing on the business ecosystem in the state, Nirani said the government has taken several measures to enhance investor-friendly atmosphere.

“Karnataka attracted 3rd highest FDI in India in 2020-21 at USD 7.6 Bn (billion) with 14 per cent national share. It is home to numerous auto OEMs, auto component, machine tools manufacturers, EV startups and R&D centres. Bengaluru is the world’s 4th largest technology & innovation cluster,” he added.

Highlighting the state”s efforts in overcoming economic challenges posed by the pandemic, the minister said, the government offered many concessions to industries.

“Karnataka attracted Rs 1 lakh crore worth investments since the beginning of the pandemic in March 2020. The New Industrial Policy 2020-25 offers attractive subsidies and financial incentives,” he added.

According to the release, Deputy Consul General Friedrich Birgelen was also present during the meeting.