As states queue up to lure companies exiting China to India, Karnataka has set up a special investment promotion task force under the chairmanship of the chief secretary to woo companies to the state.
As China may not be able to retain its position as the world's largest factory in the post Covid-19 global economic order, given the rising labour costs, shortages of workforce, a trade war with the United States, the rise of manufacturing hubs in South-East Asia and a pandemic that originated on its mainland, India seeks to compete to take that place.
It is in this direction that the Karnataka government has constituted a special task force which will have representation from the government as well as various trade promotion agencies and companies of different countries like Korea , Japan, United States, Taiwan, Singapore, Germany among others.
The task force intends to tap the opportunity created by the exit of companies form China and "attract them here, bringing with their investments, both jobs as well as transfer of technologies”.
The key focus of the task force will be to undertake a study and pin down the sectors that can invite foreign investment, formulation of a special stimulus package to encourage capital flow, suggesting changes in laws and rules that may be needed to facilitate investment among others.
The 15-member task force will have two members each from Japan External trade Organization, Korea Trade Investment Promotion Agency, Korea Chamber of Commerce and Taiwan External Trade Development Council, Indo-American Chamber of Commerce, US-India Strategic Partnership Forum and US-India Business Council, the Indo-French Chamber of Commerce and Industry and Indo-German Chamber of Commence, and the Enterprise of Singapore.
Headed by the chief secretary, it will also have the principal secretary industries and commerce, principal secretary MSME and mines, commissioners commercial taxes and industrial development with director industries as member convener.
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