'K'taka still favourite destination for foreign investment'

Bangalore, June 29 (UNI) Karnataka still remains the most favourable destination in the country for foreign investors and big corporate houses, Deputy Chief Minister B S Yediyurappa said today.

Speaking at the inaugural session of the Annual General Meeting of the Federation of Karnataka Chamber of Commerce and Industry (FKCCI), he said the competition among foreign and top corporate houses in the country to set up units in the state, especially in Bangalore, was still continuing.

He said ''The JD (S)-BJP coalition government will not let any industry or an investor leave the state for want of facilities. We will extend all possible help to them. We want more and more investment to flow into the state as our utmost priority is to create more jobs to ensure healthy growth in per capita income. To achieve this we are ready to ensure a conducive atmosphere for the investors to prosper,'' he added.

Mr Yediyurappa said the state had finalised the new industrial policy for 2006-11 to help achieve a fast pace of industrial development. It would be discussed in the cabinet within a few days.

''You will be able to see the new policy within a week,'' he told the industrialists.

He said to achieve uniform industrial development in the entire state, the government was projecting tier II and III cities like Mysore, Mangalore, Hubli-Dharwad, Shimoga, Hassan, Gulbarga and Bidar for future investments.

Mr Yediyurappa said his government was not inclined to impose new taxes in the state. However, it wanted to increase the tax revenue by widening the tax base and plug loopholes to minimise tax evasions.

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