Karnataka CM Yediyurappa pitches for Japanese investment

Showcasing Karnataka as the most investor friendly destination for Japanese industry, chief minister BS Yediyurappa requested them to step up their investments in the state and promised all required assistance.

“We have shared values as we both have belief in democracy, individual freedom and the rule of law. India-Japan Comprehensive Economic Partnership Agreement is a comprehensive deal covering both trades in goods and services,” said the CM speaking at a virtual conference organised by the ‘Indo-Japan Business Forum.

The Karnataka CM said that FDI from Japan to India increased from USD 1.6 billion in 2017-18 to USD 3.2 billion in 2019-20. Asserting that for Karnataka Japan is an important partner, Yediyurappa said that Karnataka has significant potential in the field of Electronic Manufacturing Sector and offers many incentives for investors, including 25 % capital investment subsidy on land, to boost investments in the sector.

Pointing out that the recent NITI Aayog 2019 Innovation Index has placed Karnataka at the top, the CM said Karnataka offered quality human resources, has reputed higher educational institutions, and a big thrust on research and development. Yediyurappa said that the state has simplified its labour laws, set up a single window for investors and engaged in regular discussion with the industry to create a stable, policy-driven environment.

Government officials also said that Karnataka has already set up a Japanese Industrial Township at Vasanthanarasapura near Tumkuru town, 519 acres of land has been developed and made ready with infrastructure facilities such as roads, power, and water supply.

They also highlighted how the state was already working with JETRO (Japan External Trade Organisation) for identifying and promoting start-ups.