Chief Minister B.S. Yediyurappa has said that a joint statement on Japan-India Start-up Initiative has been signed to promote start-ups in Karnataka and a start-up hub has been established in Bengaluru by the Japan External Trade Organisation (JETRO) to identify select Indian start-ups for the Japanese market. Speaking at the inaugural session of the Indo-Japan Business Forum (virtual conference) here on Wednesday, Mr. Yediyurappa said the State has taken strong policy measures to promote the emerging start-up industry ecosystem, and has enacted a law creating the Karnataka Innovation Authority in November, 2019.
The State has set up a Japanese Industrial Township at Vasanthanarasapura near Tumakuru. A total of 519 acres has been developed and made ready with infrastructure facilities such as roads, power, and water supply.
Noting that Karnataka offers many incentives for investors, including 25% capital investment subsidy on land, to boost investments in the electronic manufacturing sector, he said “the government has taken several steps to ensure investors find it easy to do business in Karnataka”.
The government has set up a single window for investors and is engaged in regular discussion with the industry to create a stable, policy-driven environment.
Besides simplification of labour laws, the Chief Minister said the government has adopted an investor-centric approach and launched the new industrial policy 2020-2025, to build a prosperous Karnataka and create employment opportunities for the youth.
Noting that India and Japan are “natural partners” and would like to strengthen the partnership further, he said to achieve more significant economic transformation, India encouraged FDI investment from Japanese companies in all sectors. The India-Japan Comprehensive Economic Partnership Agreement was a comprehensive deal covering both trades in goods and services.
India was one of the most attractive investment destinations for Japanese companies. FDI from Japan in India increased from $1.6 billion in 2017-18 to $3.2 billion in 2019-20.
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