The Karnataka government has constituted a Strategic Investments Committee to guide it in attracting investments to the State. The committee, under the chairmanship of Large and Medium Industries Minister M B Patil, comprises professionals from various fields such as private equity firms, venture capital firms, startups, philanthropist organisations and experts from various industries.

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The members of the SIC include managing directors of several companies, the chairman of FICCI (Federation of Indian Chambers of Commerce and Industry) Karnataka State Council, the additional chief secretary/principal secretary of the Commerce and Industries Department and the commissioner for Industrial Development. The director of Industries and Commerce would be the member-secretary of the panel.

Patil said in a statement on Tuesday that the diverse experience of the members would help in "defining the future of Karnataka's industrial ecosystem for the coming decades". They would guide the department by understanding the investor requirements and translating those learnings as inputs for policy formulation, he added.

Stating that the members would help the state in establishing regional connections across countries such as the US, Germany, France, and the Netherlands in the West, and Japan, Korea, and Taiwan in the East, he emphasised that the goal is to make Karnataka the most preferred investment destination for both global and national investors.

"The members would also play a key role in devising long-term sector-wise roadmaps with structural interventions, making industries the engine of growth for Karnataka, Additionally, the committee would play a pivotal role in continuously evaluating progress on pre-defined parameters such as ease of doing business," Patil explained.

Accordingly, strategy adjustments would be made to foster an investor-friendly environment in the state, resulting in increased investments, the minister said.

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(Edited by : Sangam Singh)

First Published:Oct 17, 2023 6:17 PM IST