JEDDAH. The Government of Karnataka has launched a new initiative targeting Non-Resident Indians (NRIs) in GCC countries, inviting them to invest in various sectors across the state. The investment threshold has been set at Rs 5 crore and above.
Karnataka, which generates 8% of India’s GDP and handles 40% of the country’s IT exports, is promoting investment opportunities across multiple sectors. The state’s MSME sector, comprising 6.3 lakh registered units, contributes 40% to state exports. The tourism sector attracted 2.7 million visitors in 2023, while the IT, biotechnology, and electronics sectors generated annual IT exports worth Rs 4.2 lakh crore and account for 25% of India’s electronic production.
The textile and garment industry has already attracted investments of Rs 4,292 crore, creating 36,457 jobs. The state’s agro-exports reached Rs 29,000 crore, with Karnataka emerging as a leading producer of millets in India.
The initiative aims to strengthen Karnataka’s position as a preferred investment destination, particularly Bengaluru, which has established itself as India’s IT capital and is often referred to as the country’s Silicon Valley.
To facilitate investor engagement, the state government has organized a special presentation on Sunday (December 22) at Park Hyatt, Jeddah, featuring senior officials. Dr. P.C. Jaffer IAS, Secretary of the Department of Finance, and Mr. Vipul Bansal IAS, Secretary MSME, will lead the delegation of top bureaucrats to interact with potential investors and provide detailed information about investment opportunities in the state.