Karnataka Secures INR 22,000 Crore Investments with Global Giants at World Economic Forum Davos

Davos, Switzerland:  In a groundbreaking development at the World Economic Forum 2024 in Davos, the state of Karnataka has signed Memoranda of Understanding (MOUs) worth INR 22,000 Crore with seven prominent companies, marking a significant stride towards technological advancement, infrastructure development, and economic growth. The Honourable Minister for Large and Medium Industries and Infrastructure Development, MB Patil, led a delegation engaging in discussions with key industry leaders during the event.

Here are the key highlights of the partnerships forged on Day 2:

1. Microsoft: Signed an MOU with the Karnataka Government to collaborate on skilling and governance initiatives. The digital skilling program, named Microsoft RISE, aims to enhance livelihood opportunities for under-served youth, with a focus on inclusivity.
2. Web Werks: Inked an MOU for a data center park worth INR 20,000 Crore in Karnataka, signaling a significant boost to the state’s IT infrastructure.
3. Hitachi: Committed to economic development in Karnataka, focusing on rural sectors, healthcare, education, and Panchayat E-Governance. Hitachi plans to initiate M-Star Telemedicine Deployment through Hitachi MGRM Net.
4. Lulu Group: Set to invest INR 300 Crore in a food processing plant in Vijayapura district, reinforcing its commitment to Karnataka’s agriculture and export sector.
5. Takeda Pharma: Embarking on a digital transformation journey, Takeda plans to establish a Global Innovation Center in Bengaluru, creating 1000 high-profile digital roles.
6. BL Agro: The 50-year-old company aims to expand its footprint in Karnataka, focusing on Agritech, Agri fintech, and food processing units.
7. Webwerks: Revealed plans for a Data Centre of 100 MW in Bengaluru, emphasizing a cutting-edge connectivity hub.
8. HP: Explores collaboration opportunities in skilling initiatives and Industry 5.0, leveraging Karnataka’s innovation hub status.
9. Inox Group: Considering expansion into Karnataka, with an application filed for setting up an Industrial Gas manufacturing facility worth INR 150 Crore.
10. Sony: Strengthening its R&D division in Bengaluru, with plans to recruit top-tier AI talent and researchers.
11. Volvo Group: Discussing plans for a truck plant in Hoskote, a bus plant, and expansion in construction equipment, aligning with Karnataka’s clean mobility initiatives.
12. Nestle: Expanding production in Nanjangud, Nestle plans to make Karnataka a hub for sourcing clean energy.
13. Tillman Global: Expressing interest in investments in Karnataka’s telecommunications infrastructure and exploring solar preferences for data centers.
14. Coinbase: Outlined plans for international expansion with a focus on India and Karnataka, expressing interest in collaboration for Web3.0 training.

The partnerships aim to propel Karnataka into a new era of growth, leveraging the state’s robust ecosystem and market dynamics. The government, represented by Shri MB Patil, assured complete support and cooperation for the successful implementation of these transformative projects. The collaborations span diverse sectors, from technology and healthcare to agriculture and clean energy, showcasing Karnataka’s commitment to fostering innovation and sustainable development.

The discussions at Davos concluded with optimistic expectations for the future, as Karnataka positions itself as a leading destination for global investments and technological advancements. Key government officials, including Finance dept ACS LK Atheeq, Industry dept Principle Secretary Selva kumar, and ITBT secretary Ek Rup Kour, were present to witness and support these landmark collaborations.