A group of investors and entrepreneurs from 23 Arab states have looked into the possibility of launching an investment region near Bangalore, India, with facilities for micro, small and medium enterprises.
A 400-acre Arab Investment Region (AIR) has been proposed for land close to Bangalore international airport, according to Indo-Arab Chamber of Commerce (IACC) chairman S. Krishna Kumar, who says the group of Arab entrepreneurs are “keen to set up micro SMEs for exports”.
The IACC is due to approach the government of the Karnataka state to gain approval for the AIR, which would be set up as a township that would allow micro SMEs to be set up by the entrepreneurs, as well as local investors, in order to export primarily to Arab states.
Kumar added: “If the state government is unable to provide land for the region, we will purchase it from private parties at market rate and request the government to provide connectivity, power, water and other facilities to ensure faster turnaround of products for exports.”
Delegate from the Middle East participating in the Transcending Arabian Boarders conference, organised by the IACC, expressed willingness to invest in the region.
Kumar said that the micro SMEs would “cater to their respective states in diverse sectors spanning from information and communication technology, biotechnology, agriculture, civil engineering, pharma, power, manufacturing, and food-processing.”