Industries Minister MB Patil of Karnataka revealed on Saturday that he conducted extensive bilateral engagements with 46 global and Indian companies, investors, academic institutions, and country leaders during the recent World Economic Forum (WEF) held in Davos, Switzerland. The minister emphasized that while there were productive discussions on investment intent, no memoranda of understanding (MoUs) were signed during the event.
Strategic Engagements Across Key Sectors
At a press conference in Bengaluru, Patil detailed the scope of these interactions, which included meetings with 26 international companies and over 15 Indian firms. The discussions spanned a diverse range of high-priority sectors such as aerospace and defence, advanced manufacturing, food processing, space technology, life sciences, data centres, digital infrastructure, and clean energy. This broad engagement underscores Karnataka's strategic focus on attracting investments in emerging and traditional industries alike.
Conscious Decision to Avoid MoU Signings
When questioned about the absence of MoUs at the WEF, Patil explained the state government's deliberate choice. "We consciously decided not to sign MoUs at Davos because we wanted the investors to come to Karnataka and see for themselves the resources, talent pool, and policies for investors," he stated. Additionally, the minister noted that it would be inappropriate to sign deals with Indian companies abroad, as it might appear odd, reinforcing the preference for on-ground assessments in Karnataka.
Building a Robust Investment Pipeline
Despite the lack of formal agreements, Patil highlighted that Karnataka has emerged from the WEF with a strong and credible pipeline of global investments, partnerships, and expansion proposals. "From Davos, Karnataka has advanced a strong, credible pipeline of investments, expansions, and partnerships across aviation and logistics, beverages and food processing, clean energy manufacturing, advanced manufacturing, space tech, data centres, and GCC and R&D," he elaborated. This approach reflects the government's emphasis on swift execution over mere announcements, aiming to translate discussions into tangible outcomes.
Government-to-Government and Thought Leader Interactions
The visit also featured focused government-to-government (G2G) discussions with Liechtenstein and Singapore to strengthen institutional collaboration and jointly attract investments into Karnataka. Furthermore, the delegation engaged with global thought leaders, including Gita Gopinath of the International Monetary Fund (IMF) and entrepreneur Nikhil Kamath, to exchange perspectives on global macroeconomic trends, entrepreneurship, and India's evolving role in the global economy.
Practical Enablers and Karnataka's Positioning
Discussions at Davos centered on practical enablers for investment, such as support mechanisms for marquee investments in tier-2 and tier-3 locations, expansion of Global Capability Centres (GCCs), grid stability and power reliability for data centres, and water security with smart water management. Patil positioned Karnataka as India's leading platform for AI talent, GCCs, and clean manufacturing, backed by policy facilitation and strong ecosystem partnerships. The state was also projected as a preferred destination for next-generation industries like AI, data centres, semiconductors, and space tech.
Notable Companies and Follow-Up Actions
The companies engaged during the visit included prominent names such as Coca-Cola, Lenovo, Welspun Group, Amazon Web Services, Nokia, PayPal, Schneider Electric, Cloudflare, Mistral AI, Octopus Energy, Axon Cables, Xylem, Voyager Technologies, and Vast Space. Patil noted that several discussions have progressed into advanced-stage follow-ups and grounding discussions within Karnataka, indicating promising prospects for future investments.
