Bengaluru, Jan 24 (NationPress) The World Economic Forum (WEF) summit in Davos, Switzerland, has proven to be a significant driver for Karnataka's economic development, as it has officially secured investment commitments totaling Rs 13,070 crore, according to Large and Medium Industries Minister M.B. Patil.

He highlighted that this summit is poised to facilitate substantial advancements in various sectors, including aerospace, food processing, data centres, digital infrastructure, clean energy, advanced manufacturing, and related fields through increased investments, expansions, and collaborative initiatives.

Minister Patil noted that over 45 meetings and discussions conducted continuously over five days have successfully positioned Karnataka as a premier national hub for artificial intelligence, Global Capability Centres (GCCs), research, and sustainable urban development, attracting global interest towards the state.

In a statement made post his Davos visit, the minister elaborated on the successful outcomes. “The dialogues with industry leaders have established a robust groundwork for welcoming new investments into the state and significantly bolstered ongoing projects.

“These discussions have enabled Karnataka to enhance its competitive edge in the forthcoming phase of global trade and industrial evolution. Global industrialists have lauded the state's business-friendly environment and the availability of skilled workforce, reflecting the progressive, industry-focused initiatives undertaken by the state government,” he remarked.

“I effectively communicated how Karnataka is emerging as a globally preferred hub for investments, industrial setups, and expansion endeavors. I outlined the state government’s supportive policies and invited firms to invest in Karnataka.

“The RP–Sanjiv Goenka Group will invest Rs 10,500 crore over the next three years in Vijayapura and Ballari districts focused on the renewable energy sector, which will significantly boost Karnataka’s renewable energy landscape, particularly in North Karnataka. The global brewing giant Carlsberg Group has reaffirmed its commitment to set up a Rs 350 crore bottling facility in Nanjangud. Schneider Electric is set to invest Rs 1,520 crore also in IT operations.

“Additionally, Inox GFL, which has commenced manufacturing wind turbine blades in Kushtagi, is investing Rs 400 crore to produce large wind towers and solar panels. The company has previously invested Rs 10,000 crore in the state. Bellrise Industries is investing Rs 300 crore for the expansion of its Mysuru unit supplying components to TVS,” he stated.

Furthermore, discussions were held with the Singapore Economic Development Board concerning the creation of a ‘Singapore Park’ aimed at attracting Singaporean firms to the state. “I have made extensive efforts to secure a substantial share of Coca-Cola’s proposed Rs 25,760 crore investment in the food processing sector for Karnataka. Major global firms like Nokia, US-based Vast Space, UAE-based Crescent Enterprises, and Voyager Technologies have expressed interest in investing in the state.

“The minister mentioned that Nokia Corporation, a leader in telecommunications technology, has shown interest in establishing a Global Capability Centre and research facilities in Karnataka.

“In alignment with the state government’s goal of developing cities beyond Bengaluru as self-sufficient urban centers, Tech Mahindra, Bharti Enterprises, and Sify Technologies have shown intent to expand operations and set up data centers in Tier-2 cities throughout the state,” he added.

Patil mentioned that Imperial College London, a prestigious UK university, has expressed interest in establishing a research and development center at ‘Quinn City’, which is being developed between Dabaspet and Doddaballapur. The global cybersecurity firm Cloudflare is also contemplating involvement in the Quinn City project.

“US-based Voyager Technologies and space technology firm Vast Space have expressed interest in forming partnership agreements with the state government. The UAE-based multinational Crescent Enterprises is interested in investing in state-based firms and enterprises. A memorandum of understanding has been established to aid Swiss companies in leveraging Karnataka’s innovation-driven and industry-friendly ecosystem. Natural Fiber Welding (NFW Earth) has indicated it will present a detailed project proposal to the state government regarding the expansion of its operations,” the minister concluded.