Taiwanese iPhone maker Foxconn has promised to invest ₹5,000 crore in Karnataka in the first phase of investment, said Murugesh Rudrappa Nirani, Minister for Large and Medium Scale Industries.
The Minister further said Foxconn was ready to invest ₹50,000 crore in the State over a period. Mr. Nirani was speaking at the Annual Members Meet 2023 of Confederation of Indian Industry (CII), Karnataka, here on Monday.
He said Karnataka was number one in ease of doing business and in FDI in the country. The State alone attracted 38% of the total FDI that came to the country. In aerospace and defense, the State accounted for 63% share that’s because all major multinational companies in the aerospace sector have set up their R&D centre in the State, the Minister said.
Mr. Nirani also said the government was hoping to generate 7 to 8 lakh jobs in the State from ₹9.81 lakh crore worth of MOUs signed. Making land available for industrial development was of high priority and the government was in the process of availing land parcels of 50,000 acres in the State including 20,000 acres in Bengaluru and over 30,000 acres of land outside the city, he said.
Speaking on the occasion, Suchitra Ella, Chairperson, CII Southern Region and Managing Director Bharat Biotech International Ltd., said to prepare for the sustainability revolution, companies needed to rethink their approach to new skills and new jobs.
“Technology and digital skills will be essential for creating a sustainable and future-proof organization. Roles in organisational sustainability require a solid basis in digital technology. Technology is constantly evolving. Therefore, it is imperative to include AI in the STEM curriculum so that acquiring AI skillsets can start at the beginner level,’‘ she added.
Kamal Bali, Deputy Chairman, CII Southern Region & President & Managing Director, Volvo Group India Pvt. Ltd., India said promoting sustainable manufacturing as a thrust area would be the need of the hour to be visible as a leader in the Global Value Chain.
According to him, the State, apart from its inherent strengths in manufacturing, IT, ITES, Biotechnology as well as sectors like aerospace, defence, renewables, and EVs, is well-positioned to drive advances in sectors such as Industry 4.0, space technology, material sciences, health sciences, sustainable energy, and waste management, which makes the State a leader in accelerating growth and transformation.