GIM: Big dollar dreams

Jun 07, 2012 |

Bengaluru

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Chief Minister D.V. Sadananda Gowda on Wednesday struck an optimistic note when he said that the state government was confident of attracting large investments in energy and infrastructure sectors as his government prepared to woo investors at the two-day Global Investors Meet (GIM-2012) which begins on Thursday. The target? Investment of Rs 6 lakh crore.

Speaking at the inaugural ceremony of the GIM- 2012 expo here, the CM said, “Karnataka sees the third highest FDI in the country. Our entire focus is on attracting more investments in energy and infrastructure sector as these sectors act as a catalyst to boost the economy”. Large and medium industries minister Murugesh R. Nirani added that the state was expected to attract nearly Rs 1.5 lakh crore by foreign investors from 30 countries, and focusing on promoting Micro, Small and Medium Enterprises (MSME) sector in a big way with as many as 300 companies participating in GIM-2012.

80 big companies set to change state’s fortunes
The second edition of the Global Investors Meet is all set for a grand opening with over 80 Fortune-500 companies expressing interest in investing in Karnataka. Some 10,000 delegates from 30 countries including Japan, Mexico, Bavaria and Italy, are expected to attend. The state government that has envisaged an investment of Rs 6 lakh crore from the GIM 2012 has promised to bring in sector-wise policy initiatives to woo investors.

In power, engineering, petrochemical and industrial infrastructure sectors the major investments are expected to some from the JSW Group, Aditya Birla Group, Bharat Forge, Tata Steel, ONGC, Larsen and Toubro, Welspun Group, Suzlon Energy and GE India. In housing and urban development, real estate giants such as the Brigade Group and Summit Group are expected to participate. Major automobile vendors are expected to participate.

The projects that will be signed during this GIM include a high-speed train network project with Japan. Besides that, plans are also underway for setting up the Bangalore Aerospace Park (named Project Vayu) with a complete ecosystem for aerospace industries. The project will be undertaken by Sun Forest City, a joint venture between an industrial group in India and a major real estate enterprise in the United States.

GIM 2012 will also have special focus on small and medium scale industries, and the government has announced a special package and incentives for companies investing over Rs 250 crore in tier-II and tier-III cities. GIM 2012 will be held at the Bangalore International Exhibition Centre and will conclude on June 8

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