Karnataka’s NRI Invest Summit & Buyers’ Meet concludes on a high note in Dubai

Dubai: The NRI Invest Summit & Buyers’ Meet, a groundbreaking initiative by the Government of Karnataka, concluded successfully in Dubai, leaving a lasting impression on attendees and opening up a new chapter in global investment opportunities for Non-Resident Indians (NRIs). The summit, an initiative by News Trail, marked a first-of-its-kind effort by an Indian state government, showcasing Karnataka’s position as an innovation and economic powerhouse.

It invited NRIs in Riyadh and Dubai to invest in its thriving sectors with a minimum investment of Rs 5 crore and provided a platform for trade partnerships, enabling Karnataka-based products and services to reach the vibrant GCC markets. Addressing the attendees in Dubai, Naseer Ahmed, MLC and the Chief Minister’s political secretary, emphasised Karnataka’s leadership in the IT sector and highlighted Bengaluru as a global technology hub. "This is the right time to invest in Karnataka," he remarked.

Under the leadership of Chief Minister Siddaramaiah, Karnataka has solidified its reputation as a global investment hub," he added. Mr Naseer Ahmed felicitated two prominent UAE-based businessmen with Karnataka roots, for their remarkable contributions.

Mohammed Meeran, chairman of EMCO International and a Dubai-based businessman, is a Karnataka Rajyotsava Awardee recognized for his social work and dedication to the welfare of the local community. Dr Thumbay Moideen, founder and president of Thumbay Group, also a Karnataka Rajyotsava Awardee, is known for his significant contributions to the fields of medical education, healthcare, and research in the Gulf region.

Showcasing Karnataka’s strengths: Dr. P.C. Jaffer, IAS, Secretary to the Finance Department (B&R), highlighted Karnataka’s investor-friendly environment, skilled workforce, and local support systems that provide an edge to businesses. He noted Karnataka’s leadership in IT exports, with the state contributing 42% of India’s total IT exports in 2023-24 and achieving software exports exceeding Rs 4.11 lakh crore. Dr. Jaffer also emphasised the state government’s focus on skilling and workforce transformation through initiatives like Nipuna, which aims to train 100,000 youth annually in partnership with global leaders like IBM, Intel, and Microsoft. Additionally, he spoke about Deputy Chief Minister DK Shivakumar’s 'Brand Bengaluru' initiative, designed to showcase Karnataka as a premier global destination for investment.

He also touched upon subsidies for MSMEs, the role of a robust digital ecosystem in enhancing Karnataka’s growth, and the unwavering support of Chief Minister Siddaramaiah in facilitating large-scale investments. Adding to this, Ramandeep Chowdhary, IAS, Secretary to the Commerce and Industries Department (MSME & Mines), highlighted Karnataka’s pro-industry and pro-commerce policies, which make it an ideal destination for investors. The summit featured detailed and insightful presentations by top officials, who interacted with NRIs and showcased Karnataka’s immense investment potential and business opportunities.

They include: Shri Nitesh Patil, IAS, Director, Commerce and Industries Department (MSME); Darshan H.V., IAS, Commissioner, IT, BT & Electronics; Jyothi Krishnamurthi, IAS, Commissioner for Textiles; Zehera Naseem, IAS, Managing Director, Karnataka Silk Industries Corporation; Shivaswamy Gowda, Managing Director, Karnataka Milk Federation (KMF); Prashanth P.K.M., IFS, Managing Director, Karnataka Soaps and Detergents Limited; H.R. Rajappa, Managing Director, Karnataka State Handicraft Development Corporation; Dr. Shreeshail G. Bidrakundi, Private Secretary to the Minister for Small Scale Industries and Public Enterprises; K.C. Virupaksha, Private Secretary to the Minister for Textiles; Dr. Vasundara Mallappa, Managing Director, LIDKAR; and H.S. Jaykumar, Joint Director, Commerce and Industries Department (Technical Cell). They provided valuable insights into their respective corporations and departments, highlighting initiatives designed to foster growth and collaboration.

Spotlight on Karnataka products: The summit also hosted a vibrant vendor meet featuring Karnataka’s leading MSME body, KASSIA, and showcased a diverse range of products from prominent companies. Participating businesses included Benaka Electronics, Agro Nets, Vatsala Silks & Sarees/Lakshmi Silks, Sai Hanuman Foods & Farmpal Vermicompost Pvt Ltd, Cera Therm International, S.G. Enterprises, AP Fab Tech, M.S. Electronics/Essma Brand, and Urban Wood Interiors.

These companies explored lucrative trade partnerships, aligning Karnataka’s premium offerings with the demands of GCC markets. The event underscored Karnataka’s focus on fostering economic growth, providing NRIs and local vendors significant opportunities to collaborate and contribute to the state’s burgeoning economy. With its proactive policies, skilled workforce, and world-class infrastructure, Karnataka continues to cement its place as one of India’s most dynamic and investment-friendly states.