BENGALURU: With the flow of investments from Japanese companies increasing two-fold during the last four years, the state government is looking forward to more a lot more Yen from its reliable partner at ‘Invest Karnataka 2016.’
After New Delhi, Bengaluru has become the second preferred destination for Japanese firms and its representatives.
More than 1000 Japanese reside in Bengaluru and there 314 Japanese companies located in Karnataka, according to Mrs Ratna Prabha, principal secretary, department of industries and commerce.
Japanese companies have invested in automobile, health and hospitality sectors in the state in recent years. Besides, Japanese firms have acquired many companies in Karnataka.
During last three years, Japan has acquired 14 companies in Karnataka.
Recently, Meiji Seika Pharma acquired Bangalore based Medriech pharma with the investment of about Rs 2,000 crore. Bengaluru is also home to eight Japanese restaurants, and around 15 restaurants in various locations serve Japanese cuisine.
She said the Japanese government is partnering with the state government in development of a world class Japanese industrial zone.
After a detailed feasibility study on ‘World Class Industrial Park’ conducted by the Ministry of Economy & Trade and Industry of Japan (METI) and Karnataka together and a pilot project creating a ‘Model Industrial Park’ is being set up at Vasantha Narasapura.
All necessary support has been extended by the state government for the industrial park, she added.
Japanese companies have lot of experience to operate world class industrial park, which helps Japanese SMEs to decide their investment in Asian nations.
There are few such industrial parks operated by private companies.
Setting up of the industrial park between two regions was to mitigate the risk of land acquisition.
While the state government would have a role in obtaining land for the industrial park, Japanese developers would take care of the project and ensure sufficient and sustainable power and water supply to its occupants, and develop roads inside the industrial park as well as the access road to trunk road.
