Expecting close to $6.2B of investment for Karnataka: State IT minister Priyank Kharge
Karnataka's IT and Panchayati Raj minister Priyank Kharge detailed the IT delegation’s visits to the US, UK, France, and Germany as part of ongoing efforts to attract investments, showcase startups, and promote international collaboration.
Karnataka’s Minister for Information Technology and RDPR Priyank M Kharge on Tuesday said an investment of close to $6.2 billion is expected for the state, driven by the recent visits by a delegation from the Karnataka Department of Electronics, IT, and BT to the UK, the US, and Europe.
“We are expecting around $6.2 billion of investment for Karnataka,” the minister noted during a press conference, sharing details on the outcomes of the IT delegation’s visits to the US, the UK, France, and Germany as part of ongoing efforts to attract investments, showcase startups, and promote international technology and innovation collaboration.
“Our state is committed to bringing in investment and creating employment. We have to scale and compete at the global level,” he said, referring to the Invest Karnataka event held recently.
“Both the IT and industry departments jointly aim to make Karnataka the number one investment and employment destination. In the next two years, we will be the innovation capital for Asia,” the minister added, speaking to reporters at Vikasa Soudha in Bengaluru.
The delegation visited the US from June 4 to June 7. The visit aimed to achieve four key objectives: participating in the BIO-US convention 2024 in San Diego, introducing Karnataka’s biotechnology and electronics ecosystem—including its infrastructure and policy landscape—to US companies and associations, understanding the business activities and future interests of various US electronic and biotechnology companies, and exploring ways Karnataka can support these companies to facilitate future collaborations.
The delegation met with Stanford Biodesign representatives, who plan to expand their Founders’ Forum initiative to Bengaluru and will soon sign an MoU with the Karnataka government for a medtech startup mentorship and accelerator programme, said Sharath Bachegowda, Chairman of Karnataka State Electronics Development Corporation Ltd, who was part of the delegation.
During the second leg of the tour across the UK, France, Switzerland, and Germany, the outreach had a three-pronged approach: pitching Karnataka as an investment hub for companies in electronics, IT, and biotech sectors; promoting the Bengaluru Tech Summit 2024; and participating in the London Tech Week and the International Animated Film Festival in Annecy.
Key meetings included a prospective collaboration with the Tokyo Metropolitan Government for a Global Innovation Alliance - Market Access Programme, discussions with Arm Holdings Plc to strengthen long-term relations, and a meeting with Microsoft on AI and digital transformations, Bachegowda highlighted.
The participation in the London Tech Week also saw the launch of an MoU between IISc Bengaluru and the University of Surrey, aiming to enhance R&D and university capacities in Tier III areas.
Bachegowda said that there were discussions with Startup Genome focused on the 2024 Global Startup Ecosystem Report and the Hypergrowth Acceleration programme to support 100 Karnataka startups.
He added that these startups in the State will be given exposure for mentorship and investment opportunities, encouraging them to expand beyond the borders of Karnataka and India.
In Paris, the delegation visited Station F, exploring potential partnerships to replicate its innovation ecosystem in Karnataka.
In Geneva, the delegation, led by Bachegowda, met with AI leaders at the World Economic Forum headquarters during the BTS 2024 roadshow. Discussions followed up on a Letter of Intent to establish a Centre for AI in Karnataka as part of WEF’s C4IR Network. The Centre aims to position Karnataka as a global AI hub, fostering industry-academia networks, technological exchanges, research collaborations, and MSME capacity building in AI.
The delegation also emphasised Karnataka’s status as India’s major AVGC (Animation, Visual Effects, Gaming, and Comics) hub, the establishment of the largest centre of excellence for AVGC in Asia, and the state’s AVGC policy.
In Munich, the delegation visited SAP Labs, discussing potential AI and deeptech partnerships. The delegates also met with Invest in Bavaria to explore startup ecosystem collaborations and invited them to participate in BTS 2024.
Additionally, meetings were held with Germany’s largest manufacturers in semiconductors, electronics, and heavy industries regarding potential investments in Karnataka, though company names remain undisclosed due to commercial confidentiality.
“We have assured every country or corporate that we will align with their vision depending on their investment and employment generation,” Kharge remarked.
Edited by Jyoti Narayan