‘China-plus-one strategy will help state’: Chief Minister Basavaraj Bommai

BENGALURU: The China-plus-one strategy adopted by many firms post-Covid19 will bring investments to Karnataka in a big way as the manufacturing ecosystem in the state is robust and it is also a leader in the Information Technology sector, Chief Minister Basavaraj Bommai has said.

China-plus-one is the business strategy of many firms to diversify their businesses to other countries and avoid investing only in China. Speaking to media persons after reviewing preparations for the three-day Global Investors Meet (GIM) starting from Wednesday, Bommai said the strategy will benefit India, Vietnam, South Korea and Taiwan, as many companies are looking for alternative investments destination and not just investing in China. “Bengaluru is a destination for global investors. Many investors are keen to invest in Karnataka as the manufacturing ecosystem is very good and the state is also the leader in IT/BT sectors, startups and many sectors,” the CM said.

Bommai said GIM will attract the attention of the entire world and ‘Invest Karnataka’ will put a strong foundation for the development of the state in the next five years. “We are expecting over Rs 5 lakh crore investment and already the State High level Committee has given clearance for investment of over Rs 2.8 lakh crore. This is our commitment to our investors and we are going to distribute the certificate of investment. We will sign an agreement with new investors and give all the clearances in the next few days,” he said.

The CM said many industries are keen to invest outside Bengaluru and the details will be provided during the GIM. New industries are coming up in Ramanagara, Hubballi-Dharwad, Ballari, Kalaburagi and Mysuru, he said and added that the dream of ‘Beyond Bengaluru’ is becoming a reality.

The FMCG Cluster coming up in Dharwad will provide employment to over one lakh people, textile parks will come up in Kalaburagi, Vijayapura and Raichur districts, a Pharma Park in Yadgir, Electronic Park in Mysuru and Defense production unit is coming up in Tumakuru, he said.