BANGALORE, FEBRUARY 29 (ONASA – OTS) – The World Trade Centers Association® (WTCA®), the global trade organization that connects over 300 World Trade Centers® (WTC®) locations in nearly 100 countries — and World Trade Center Bengaluru will host 54 .of the annual WTCA Global Business Forum (GBF) in Bengaluru, India from March 3-6.
India is the world’s fifth largest economy in terms of nominal GDP and the third largest in terms of purchasing power parity. Often referred to as the “Silicon Valley of India”, Bengaluru is known for its cutting-edge advancements and status as a center of creativity. GBF’s strategic location in Bengaluru will provide WTCA members and attending delegates with the opportunity to familiarize themselves with the dynamic and fast-growing business environment of this region.
The forum will showcase the strength of the global WTCA network, foster business relationships and highlight investment opportunities in Karnataka in 12 different industrial sectors: Agriculture and Food Processing, Auto Industry, Aviation and Astronautics, Biotechnologies, Education, Heavy Machinery, IT, ITeS – in electronics, manufacturing, real estate and construction, technology startups, textiles and clothing, and travel and tourism.
Below is information from the Bengaluru Chamber of Commerce (BCIC), a partner of the WTCA GBF 2024 Forum on some of these sectors:
AGRICULTURAL PROCESSING INDUSTRY IN INDIA
India is known as one of the leading producers of agricultural products with agricultural land covering a total of 157.35 million hectares. As the second largest agricultural land in the world, India is an excellent location for the agro-processing industry. The agricultural raw materials of this country are rooted in tradition and offer maximum opportunities for employment with minimal financial investment. The agro-processing industry in India not only provides additional demand for various agricultural products but also a crucial market linkage for exports.
Today, India is considered one of the leading exporters of agricultural products in the world. The main exports are rice, sugar, spices, buffalo meat, wheat, coffee, fruits and vegetables. In addition, India offers opportunities for the production of millets and by-products, gherkins, spices, vegetable seeds, dairy products, cereals, organic food, bio-fertilizers, honey and flower crops. This country is known for its high quality mangoes and pomegranates and is a major producer of coffee, gherkins, silk, green hot peppers and Indian dates. India is committed to sustainable development in the entire agricultural sector, promoting advanced agricultural equipment and machinery, storage systems and state-of-the-art technologies.
OVERVIEW OF AUTOMOBILE MANUFACTURING SECTOR IN KARNATAKA
Karnataka stands out as a dynamic economic hub with the third largest economy among the states of India and a nominal state gross domestic product of a whopping 20.5 trillion rupees in fiscal year 2022, or an impressive 305,000 rupees per capita, making it among the top five federal states. country in India. This federal state attributes a large part of its economic success to the service sector, which accounts for a significant 66% of the total economy. Karnataka’s main manufacturing sectors are hardware engineering for the auto industry, chip system manufacturing and electronics manufacturing. One of the key factors in the mass development of production is the auto industry, which uses cutting-edge technologies such as additive manufacturing and artificial intelligence to stimulate growth.
Karnataka is strengthening its manufacturing capabilities and the automobile sector is one of the key players with impressive statistics in terms of high volume production of cars, two wheelers and commercial vehicles. In addition, the state’s vehicle exports contribute greatly to India’s presence in the world market. Karnataka pays special attention to research and development in the automotive sector, which has led to great technological advancement and product excellence. Likewise, well-integrated supply chain ecosystems in this federal state guarantee efficient production processes and timely deliveries.
Forum 2024 GBF, with the support of the Bengaluru Chamber of Commerce, will serve as the main platform for cooperation with the automotive sector. This event will bring together manufacturers, policy makers and relevant experts to discuss trends and explore opportunities for partnerships and new business opportunities. With Karnataka’s achievements in the auto industry in focus, the GBF forum aims to accelerate progress and cement the state’s reputation as one of India’s automotive leaders.
MANUFACTURING AND NEW TECHNOLOGY OF KARNATAKA
The initiative called ‘Self-sufficient India’ has left a lasting mark on Karnataka’s industry. The emphasis on self-sufficiency led to a revision of supply chain dependencies, followed by the growth of opportunities specific to this federal state. For Karnataka, this has meant increased investment in research and development, skill upgradation programs and the establishment of manufacturing centers. The auto industry in particular is witnessing the growth of local production capabilities, with a special emphasis on electric vehicles and alternative fuel technologies. In the meantime, the aeronautics sector also joined this initiative by strengthening cooperation between the public and private sectors in the domestic production of key components and systems.
Possibilities in the field of advanced production include specialized production of applied materials. India also has the potential to produce metal and polymer powders to meet both domestic and international demand. In addition, there is the possibility of creating additional automated techniques for advanced production such as dedusting, support removal and steam smoothing. The possibility lies in the application of an integrated AI-based digital platform that includes CAD, CAM and CAE capacities to reduce production costs. There is also a chance to open centralized spare parts management facilities to meet industry needs and provide advisory services to improve the standard design used by DfAM.
KARNATAKA IN INDIA: A MOSAIC OF HERITAGE, PAST AND GENIUS (FEDERAL STATE HOST FORUM GBF 2024)
India with its vibrant culture, diverse geographical features and famous historical landmarks such as the famous Taj Mahal has an irresistible appeal as a top tourist destination. As the host state of GBF 2024, Karnataka represents an attractive region of India characterized by a distinct combination of cultural, historical, gastronomic and technological wonders. Karnataka tourism perfectly captures the essence of the slogan “One State, Many Worlds” and offers a wide range of experiences that cater to different interests and tastes. Whether visitors want to get to know the culture, try exciting culinary specialties, experience encounters with nature, explore business opportunities or simply enjoy luxurious pleasures, Karnataka promises something special for everyone. As the host state of GBF 2024, Karnataka extends a warm welcome to all visitors and invites them to embark on an extraordinary journey that surpasses all expectations and leaves an indelible mark in the memory. (end)