The Karnataka CM said the state government was committed to set a benchmark in this regard, as the state progresses beyond the COVID-19 phase.
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Chief Minister BS Yediyurappa on Wednesday pitched Karnataka as an ideal destination for Foreign Direct Investments, as he attended the Indo-Japan Business Forum Virtual Programme. Reviewing the relation between India and Japan, CM Yediyurappa spoke about strengthening the partnership further. The CM spoke about Karnataka being placed at the top in the recent NITI Aayog 2019 Innovation Index. He added that a Japanese Industrial Township near Tumakuru town was set up by the state. CM Yediyurappa said that the state government is offering many incentives for investors, including 25% capital investment subsidy on land, to boost investments in the electronic manufacturing sector. "We have simplified processes, set up a single-window for investors and engaged in regular discussion with the industry to create a stable, policy-driven environment," the Chief Minister said. While talking about India’s interest in FDI, he said, “India is also one of the most attractive investment destinations for Japanese companies. FDI from Japan to India increased from USD 1.6 billion in 2017-18 to USD 3.2 billion in 2019-20. For us in Karnataka, Japan is an important partner.” Yediyurappa said, “India-Japan relationship has transformed into a partnership of great substance and purpose. To achieve more significant economic transformation, India encourages Foreign Direct Investment (FDI) investment from Japanese companies in all sectors. India-Japan Comprehensive Economic Partnership Agreement is a comprehensive deal covering both trades in goods and services.” He also mentioned how the government has taken several steps to ensure investors find it easy to do business in Karnataka, like launching the New Industrial Policy 2020-2025, simplifying labour laws, setting up a single-window for investors and engaging in regular discussion with the industry to create a stable, policy-driven environment. The policy would introduce path-breaking changes like production-linked incentives, he said, adding: "I sincerely believe all the changes we are bringing about and your support will help Karnataka build a robust industrialised economy..."
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