Karnataka Govt. delegation meets Boeing, GE, & IMF officials in the US to discuss investment opportunities

The Minister of Large & Medium Industries & Infrastructure Development, Government of Karnataka M.B. Patil held a series of meetings with senior management representatives of Boeing Co, GE Group companies, USISPF, and deputy managing director of International Monetary Fund (IMF) Gita Gopinath, and discussed various investment aspects and partnerships in the state.

As part of their 12-day US visit to attract investment into the state that kicked off on Monday, the Minister along with senior officials of the industries department also discussed strategies to anticipate and address imbalances in the skilled labor force with IMF. The minister also discussed possibilities of potential collaboration in the upskilling of the workforce in AI/ML with GE Healthcare. 

The Minister had a meeting with Gita Gopinath, Deputy Managing Director of IMF to discuss potential partnership and investment opportunities in the state. During his meeting with Boeing Co, the Minister discussed the company’s ongoing involvement in end-assembly manufacturing, and R&D within the state. The delegation also explored options for potential investments in logistics centers, P2F (passenger-to-freight) conversions, and pilot and crew training centers near Karnataka’s airports. Government assessment of the high aviation fuel tax in Karnataka to maintain a favorable aerospace ecosystem was also on the table for discussion.

A US$110-billion enterprise, Boeing Co. was represented by Greta Lundeberg, Vice President of International Operations and Policy, Government Operations, and Nicole Porreca, Director of International Operations and Policy, Government Operations. The airplane maker is globally renowned for its design, manufacture, and sale of its aircraft, rotorcraft, rockets, satellites, telecommunications equipment, and missiles.

Meetings with GE Healthcare and GE Vernova led to recommendations for New Industrial Policy regarding policy scope, eligibility criteria, and incentive disbursement structure and exploring investment opportunities for pump storage projects to allow storage of excess solar, wind, or other sources for periods of high demand, respectively.

In India, GE Healthcare operates four plants through joint ventures with Wipro and Bharat Electronics and is engaged in manufacturing CT scan machines, catheterization laboratory, ultrasonography equipment, ventilators, and patient monitors.

George Pickart, managing director of Global Government Affairs and policy Gas Power of GE Vernova, while GE Healthcare’s John Schaeffler, Global Executive Leader of Government Affairs & Policy, and Andrew Quinn, Executive, Director of International Trade and Economic Policy met the Minister.

The Minister along with the team of senior officials also discussed at the US-India Strategic Partnership Forum (USISPF) on investor interest in the upcoming health tech park near the new Bengaluru airport and strategies to boost medical tourism in the state. Both sides explored potential partnerships for leveraging blockchain technology to address certain e-governance or municipal challenges, along with discussions on training curricula for Industry 4.0 skills.

Around 15 people from different industries participated in the meeting to exchange ideas, share insights, and explore business opportunities in Karnataka. The meeting saw Mukesh Aghi, president and CEO of USISPF along with Susan Ritchie, vice president of Trade and Technology Policy, Ingrid Henick – Vice President, The Cohen Group, and Ruby Thapar, Director-Global Government and corporate Affairs among others.

The Minister is leading the delegation in the USA along with senior officials of the industries department Dr. S Selvakumar, Principal Secretary, Department of Commerce and Industries, Government of Karnataka, and Gunjan Krishna, Commissioner for Industrial Development and Director, Industries and Commerce.