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Bangalore: Deputy Chief Minister Dr Ashwath Narayan said Karnataka is at the forefront of attracting FDI investments in the country and will set a new benchmark as the state progress during a post-Covid-19 pandemic.

Speaking at the 2020 AGM organised by the Karnataka state chapter of American Chamber of Commerce in India (AMCHAM) on Friday Deputy Chief Minister Dr Ashwath Narayan said the state is at the forefront of economic development and innovation in all sectors along with supporting legislation also.

“Karnataka has implemented a number of legislative and structural reforms while bringing about a change in the overall policy outlook of the state. Many of the reforms have been brought into action already and more will be done as the days pass,” said Deputy Chief Minister Dr Ashwath Narayan.

Karnataka Deputy Chief Minister Dr Ashwath Narayan speaks at the 2020 AGM organised by the Karnataka state chapter of American Chamber of Commerce in India (AMCHAM)

Karnataka as benchmark

He expressed pride that Karnataka is at the forefront of attracting FDI investments in the country and we will set a new benchmark as the state make progress during the post-Covid-19 pandemic period.

“The recent step to simplify the procedure for establishment of Industries in the state, by the promulgation of the Karnataka Industrial (Facilitation) (Amendment) Ordinance 2020, providing an initial exemption from obtaining the pre-operative clearance for a period of 3 years or till the date of commercial operation for newly established industries is a right step in this direction,” said Deputy Chief Minister Dr Ashwath Narayan.

In the last few months since the lockdown, Deputy Chief Minister Dr Ashwath Narayan said Karnataka has attracted investment worth 28,000 crores and created 45,994 jobs in the state.

“Karnataka is also proud to be the first state to have created a Karnataka Innovation Authority, possibly the World’s first non-sector specific Regulatory Sandbox,” said Deputy Chief Minister Dr Ashwath Narayan.

Promote business

The American Chamber of Commerce in India (AMCHAM – India) is an association of American business organizations operating in India. AMCHAM – India is a member of the Chamber of Commerce of USA, Washington DC, USA (COCUSA) and the AmChams of Asia Pacific. AMCHAM’s principal objective is to promote activities that encourage American companies to invest in India.

US Embassy (New Delhi) Deputy Chief of Mission Edgard D. Kagan

US Embassy (New Delhi) Deputy Chief of Mission Edgard D. Kagan spoke at the Karnataka Chapter AGM 2020 meeting of AMCHAM at Bangalore via teleconference exhorted the need to come up with more pro-industry policies so that more investment will be materialised in India.

He also brought the importance of fostering state-level relationships with US Embassy and AMCHAM so that there will be more conducive environment can be created.

During the event, Sanjay Vyas, Country Head – Parexel spoke about the need for skilled manpower, especially in the Biotechnology sector. In response, the DCM offered all the support from the Government of Karnataka in setting up a Global Academy (on the lines being run by them in Berlin) to train students in the relevant knowledge domains.

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