World Economic Forum 2024: Karnataka held fruitful investment meetings with global companies

Davos, Jan. 16: Continuing its efforts to attract investments to the state, a high-level delegation from Karnataka, led by the Honourable Minister for Large and Medium Industries, and Infrastructure Development Shri MB Patil, on Monday held a series of discussions with top global leaders at the World Economic Forum Meet 2024 being held in Davos, Switzerland.

In the course of his productive discussions with the champions of industry, the minister called on them to consider further investment in the state. He also assured them of the government’s complete support and co-operation in their future ventures in Karnataka.

Shri M.B Patil on Monday held talks with heads of Johnson & Johnson and IBM and Schneider companies at Davos.

Here are some of the highlights of Day 1:

Johnson & Johnson Group

Johnson & Johnson (J&J) is set to establish its Global Service Centre, generating 200 job opportunities in Karnataka, and expresses its intent to enhance its manufacturing presence in India, particularly in the medical technology and life sciences sectors. The company emphasizes the significance of skilled talent availability, identifying Karnataka as an attractive location. J&J applauds the swift development of the Global Service Centre and expresses interest in advancing collaboration on diverse strategic initiatives. Furthermore, J&J highlights its commitment to healthcare innovation, specifically in cancer and HIV treatment, envisioning substantial opportunities for collaboration with the Indian healthcare system.

IBM Group

IBM made a strategic announcement regarding its interest in exploring the North Bengaluru area, citing the significant availability of talent, with the local population reaching almost 40,000, the majority being in Karnataka. Particularly noteworthy was the rapid expansion of IBM’s Client Engineering Team dedicated to Gen AI, which has seen a remarkable increase from 300 to 2000 people within the last three months, with further plans to expand to 2000 by 2025. E-Governance emerged as a pivotal topic of discussion, focusing on collaboration opportunities to enhance efficiency and explore ways in which IBM could support governmental initiatives. Notably, the dialogue also delved into the domain of data analytics, as direct cash transfers and various government schemes, collectively valued at 7 billion dollars, were anticipated to generate substantial data, paving the way for improved policy designs and informed decision-making.

Schneider 

Schneider Electric stands as a prominent player in India, ranking third in terms of revenues. The recent acquisition of L&T’s electric business, coupled with the establishment of two installations in Karnataka, strategically positions the company in a region where half of the 35,000-strong workforce resides. Schneider is actively investing in its Atibele facility, envisioning a comprehensive campus with five factories, anticipating a doubling of output through enhanced efficiencies and the integration of cutting-edge technologies. The company is also committed to corporate social responsibility (CSR), with discussions underway on collaborating with six NGOs in Bengaluru to educate electricians. Schneider aims to expand this initiative by introducing dialectic equipment to over 400 schools and training 190,000 electricians, with an ambitious target of reaching one million professionals nationwide. Leveraging their existing partnership, the Government of Karnataka and Schneider Electric plan to extend their collaboration to train trainers. As the company foresees India and the Middle East surpassing China in significance, Schneider is strategically expanding its research and development capabilities by bolstering software and engineering teams, ensuring proximity to customers for continued growth and innovation. 

“At the World Economic Forum Meet in Davos 2024, we unveiled pivotal initiatives poised to redefine the landscape of Karnataka’s infrastructure. These strategic announcements reflect our unwavering commitment to fostering sustainable growth, innovation, and global collaboration, setting the stage for a transformative era in economic development.” Shri MB Patil, Minister for Large and Medium Industries and Infrastructure Development

About Author