Invest Karnataka 2022

Invest Karnataka 2022 summit was virtually inaugurated by Prime Minister Narendra Modi recently.

What is Invest Karnataka 2022?

The Invest Karnataka 2022 summit is a global investment summit that is organized in Bengaluru to attract foreign investments and create a development plan for the next decade. The three-day summit commenced on November 2 this year. During the event, the state will be able to showcase its cultural and investment prospects to countries across the globe. It is held based on the theme “Build for the World”. This theme reflects Karnataka Government’s aim to reap the benefit of the global supply chain.

The summit involves participation of more than 80 speakers, including famous industrialists like Kumar Mangalam Birla, Sajjan Jindal, and Vikram Kirloskar and others. More than 500 exhibitioners will get the opportunity to present their ideas in several business exhibitions that are organized in tandem with the speaker sessions.

The event includes country sessions. Each of these sessions will be hosted by partner countries – France, Germany, Netherlands, South Korea, Japan, and Australia. The high-level ministerial and industrial delegations from their respective countries will participate in these sessions.

What is the key outcome of the first day of the event?

  • During the inaugural day of the Invest Karnataka 2022, the state government signed memorandums of understanding (MoUs) worth Rs. 5.20 lakh crore.
  • Several industry leaders have announced investments in Karnataka.
  • 7 companies invested Rs.2.9 lakh crore in the ‘Manufacturing – Green Hydrogen and Derivatives’ sector. These companies include ACME, ReNew and ABC, Avaada and JSW.
  • MoUs worth Rs.1.29 lakh crore were inked under the ‘Renewable Energy’ sector. Vedanta committed an investment of Rs.80,000 crore for this sector.
  • Under the ‘Manufacturing – Sunrise’ sector, the state government entered into a Rs 47,475 crore agreement with 7 companies involved in developing electronic system design and manufacturing.
  • MoUs worth Rs 25,024 crore were signed with 6 companies in core manufacturing sectors like mining, iron, steel and cement.
  • MoUs were also signed for e-mobility, aerospace and defence categories as well as with companies involved in FMCG, sugar, biofuel and optical systems industries.
  • Though this summit, the investments in the state is expected to surpass the projected Rs.5 lakh crore and reach more than Rs 7.15 lakh crore.

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