K’ataka secures Rs 6,450 cr investment commitments from Japan, South Korea

Bengaluru: A high-level delegation from Karnataka, led by Large and Medium Industries and Infrastructure Development Minister M B Patil, has successfully concluded a two-week visit to Japan and South Korea, securing investment commitments and MoUs worth INR 6,450 crore. These commitments from six major companies are projected to create over 1,000 jobs in Karnataka.

During the two-week visit from June 24 to July 5, the Karnataka delegation engaged with senior leadership from leading companies and conducted investment roadshows for SMEs, highlighting Karnataka’s robust manufacturing ecosystem. The delegation, which included Principal Secretary to Commerce and Industries Department Dr. S Selvakumar, IAS, and Commissioner Industries Smt. Gunjan Krishna, IAS, met with over 35 industry leaders and 200 companies across the 2 roadshows conducted in Japan and Korea.

The Karnataka delegation engaged in notable meetings with industry giants such as Renesas Electronics Corporation, Toyota Motor Corporation, Samsung Electronics, and LG Energy Solutions. They also held significant discussions with senior government officials, including the Vice Minister of MOTIE (Ministry of Trade, Industry and Energy) in Korea, the Vice Governor of Gyeonggi Province, and the Deputy Mayor for Economic Policy in the Seoul Metropolitan Government.

In Japan, the delegation met with key industry leaders including Renesas Electronics Corporation, Toyota Motor Corporation, Yamaha Motor Company, Sumitomo Heavy Industries, Panasonic Energy, Nidec Corporation, Nissan Motor Corporation, Brother Industries, Shimadzu Corporation, and Hitachi, among others. In South Korea, they held important meetings with Samsung Electronics, LG Energy Solutions, LX Electronics, NIFCO Korea, OCI Holdings, Krafton, HYAC, Hyundai Motors, YG-1, and Hyosung Advanced Materials, along with several other prominent companies.

The delegation’s efforts culminated in securing substantial investment commitments, including Osaka Gas has committed to expanding its gas distribution infrastructure in Karnataka with an investment of $600 million (INR 5,000 crore) over the next five years. DN Solutions has signed an MoU worth INR 1,000 crore to establish a manufacturing facility for precision tools and automation systems, expected to create approximately 350 jobs. Aoyama Seisakusho, A Japanese auto components supplier committed INR 210 crore to set up a manufacturing facility in the Japanese Industrial Township. Daiki Axis, HyVISION, and EMNI Co. Ltd: Signed MoUs worth INR 240 crore collectively, focusing on environmental equipment manufacturing and battery cell storage and testing.

Additionally, Sumitomo Heavy Industries announced plans to open its head office in Bengaluru by the end of 2024 and enhance its collaboration with key customers like Siemens and GE.

Beyond immediate commitments, the Karnataka delegation identified promising leads worth $3 billion (INR 25,000 crore) across the automotive, electronics, and energy solutions sectors. These leads signify potential future investments and underscore Karnataka’s strategic importance as an investment destination.

The Karnataka delegation’s visit to Japan and South Korea has been highly successful, securing INR 6,450 crore in investment commitments and creating over 1,000 jobs. With 35+ meetings and robust engagement with industry leaders, Karnataka has positioned itself as a prime location for global investments. The state will now focus on realizing these MoUs and converting discussions into concrete investments, ensuring smooth grounding of investments and continued economic growth.