Karnataka attracts USD 12,939 million in FDI: Minister MB Patil

Karnataka attracted foreign direct investment (FDI) worth USD 12,939 million during the last financial year, ranking second among Indian states.

Karnataka attracted foreign direct investment (FDI) worth USD 12,939 million during the last financial year, ranking second among Indian states. The Union Government has entered into Free Trade Agreements (FTAs) with 38 countries, opening up significant export opportunities across various sectors.

“We must make effective use of these opportunities to achieve the goal of building a USD 1 trillion economy,” said Large and Medium Industries Minister MB Patil on Friday. He was speaking after inaugurating a state-level workshop on ‘Leveraging the Benefits of Free Trade Agreements’, organised by the Directorate General of Foreign Trade (DGFT), Bengaluru, in association with the Visvesvaraya Trade Promotion Centre (VTPC), Karnataka, and the Federation of Indian Export Organisations (FIEO).

Patil said, “The Union Government has recently entered into Free Trade Agreements with 38 countries, including the United Arab Emirates, Australia, the United Kingdom, Oman, the European Union and New Zealand. An agreement with the United States is also expected to be finalised shortly.” Patil said the agreements will open up substantial export opportunities in areas including electronics and electrical products, agriculture and food processing, textiles and readymade garments, marine products, engineering goods, pharmaceuticals, and herbal products.

“These agreements would help boost the country's GDP and open up significant export opportunities for Karnataka in sectors such as electronics and electrical products, agriculture and food products, textiles and readymade garments, marine products, engineering goods, pharmaceuticals and herbal products,” he added. The Minister pointed out that the state government has rolled out targeted and effective policies across key forward-looking industries, including information technology, biotechnology, start-ups, aerospace, electric vehicles (EV), textiles, green energy, and semiconductors.

“The State has formulated effective policies for sectors such as information technology, biotechnology, start-ups, aerospace, electric vehicles, textiles, green energy and semiconductors. Karnataka ranks fourth in the country in merchandise exports, while a majority of the investment commitments are being translated into actual projects,” he noted. “Karnataka accounts for 40 per cent of the country's total software and services exports. Global companies such as Foxconn, Lam Research, Applied Materials and Tata Advanced Systems have invested in the State, creating significant opportunities for local suppliers as well. We must now leverage the FTAs to expand our access to international markets,” Patil emphasised.

More than 200 entrepreneurs, exporters and officials from District Industries Centres participated in the workshop. Principal Secretary, Industries Department, S Selvakumar; Tamanna Chaturvedi, Trade Advisor, India Trade Promotion Organisation (ITPO); Commissioner for Industrial Development S Khusboo Chaudhary; Deputy Director General Arjun Upadhya; and others were present. (ANI)