Investment of Rs 4,000 crore from Japanese companies confirmed: K'taka govt

Bengaluru, Sep 15 (IANS) Karnataka's Minister for Large and Medium Industries, M.B. Patil, has stated that his recent visit to Japan has resulted in a confirmed investment of more than Rs 4,000 crore from various Japanese industries in the state.

He was speaking to media representatives at his residence in Bengaluru on Monday.

This was M.B. Patil's second visit to Japan with the aim of attracting investments. He noted that Japanese industrial leaders are traditionally conservative and take decisions after careful and prolonged consideration, Minister Patil stated.

Currently, about 50 per cent of Japanese companies operating in India are based in Karnataka. Minister Patil recalled that during his previous visit to Japan and South Korea, the state was able to attract investments worth Rs 6,500 crore.

During this recent visit, discussions were held with companies like Honda regarding expansion in Karnataka, as well as with Mukand Sumi Steel on potential partnerships, Patil stated.

Meanwhile, the United States has imposed a 50 per cent import duty on Indian products, excluding electronics and pharmaceutical items. This has created a crisis-like situation, making it more difficult for investors to make decisions. Nonetheless, the confirmation of Rs 4,000 crore investment through this visit is a reassuring development, Minister Patil said.

Some companies may invest smaller amounts in the state, but all such investments contribute to enhancing the industrial ecosystem. Additionally, investors prefer a calm and peaceful environment when making investment decisions. Everyone should take note of this. Minister Patil expressed hope that no region in the country should create a situation that appears unfavourable for investment.

--IANS

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