The state government on Friday said its decision to skip the World Economic Forum (WEF) in Davos, Switzerland, was “intentional” and aimed at ensuring clarity in investment agreements and avoiding redundancies.
Addressing the media in Bengaluru, state minister for large and medium Industries MB Patil stated, “The state deliberately chose not to participate in the Davos Summit this time. Attending the summit, signing agreements there, and then inviting the same companies here to sign identical agreements creates unnecessary confusion. To avoid this, we have stayed away from the Davos Summit this year.”
Patil assured that Karnataka was committed to attracting global investments and highlighted the upcoming Global Investors Meet in Bengaluru, scheduled from February 11 to 14. The event is expected to bring investments worth ₹8 to ₹10 lakh crore, he said, adding “Among the agreements that we will make, at least three-fourths must translate into actual investments. Otherwise, it will all be in vain.”
This comes amid criticisms from the opposition. The minister criticised the previous BJP government’s approach to investments. “In 2022, the BJP government held an investors’ meet, claiming ₹50 lakh crore worth of investments would come. It also said ₹2.40 lakh crore would be invested in the green energy sector. However, not a single rupee materialised,” he said. Patil accused the BJP of making unrealistic claims and assured that the current government would adopt a more grounded strategy.
{{/usCountry}}This comes amid criticisms from the opposition. The minister criticised the previous BJP government’s approach to investments. “In 2022, the BJP government held an investors’ meet, claiming ₹50 lakh crore worth of investments would come. It also said ₹2.40 lakh crore would be invested in the green energy sector. However, not a single rupee materialised,” he said. Patil accused the BJP of making unrealistic claims and assured that the current government would adopt a more grounded strategy.
{{/usCountry}}Previously, the Bharatiya Janata Party (BJP) attacked the state’s absence at the prestigious global event. Leader of opposition R Ashoka lambasted the Congress government, stating, “When the chief ministers of all major states are in Davos making a strong pitch for investments in their respective states, neither Karnataka CM Siddaramaiah nor any of his cabinet colleagues are interested in representing the state at an important world stage.”
Ashoka attributed the absence to what he termed “mysterious power-sharing agreements” within the Congress government, alleging that these internal issues had crippled the state’s governance and economy. Echoing similar sentiments, state BJP president Vijayendra accused the Congress government of prioritising “freebies over future” and “stagnation over innovation.”