After Foxcon’s proposed investment in Maharashtra it is now the turn of Karnataka to get a huge investment of $500 million from Taiwan electronics manufacturers Association (TEEM), a morale booster for the State after reports that some companies have withdrawn investments from the State.
Karnataka’s new Industries Minister RV Deshpande who was brought in by the Congress high command few days back to create a conducive and investment-friendly environment in the State, in a major initiative could convince Taiwan to invest $500 million to establish an electronic manufacturing cluster.
Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) on Wednesday signed a pact with Karnataka Industrial Areas Development Board (KIADB) for establishing Taiwan Electronic Manufacturing Cluster (TEMC) in Bengaluru with an investment of $500 million. Karnataka Minister, RV Deshpande had an interaction with TEEMA’s 21-member delegation, led by Francis Tsai, Executive Director, TEEMA for establishing TEMC manufacturing facility in the 100-acre Devanahally IT park.
Deshpande said the meeting was ‘fruitful’ with TEEMA agreeing to sign an MoU with KIADB in this regard, with an indicative investment of $500 million.