Bengaluru, Mar 4 : Karnataka Deputy Chief Minister D.K. Shivakumar on Monday inaugurated the 54th WTCA Global Business Forum organised by the World Trade Centers Association (WTCA) headquartered in New York, and the Bengaluru World Trade Center, a licensed member of the WTCA.

The WTCA Global Business Forum is being hosted for the first time in Karnataka and only for the second time in India. Delegates from over 30 countries are participating in the event.

Addressing the delegates, Large and Medium Industries Minister M.B. Patil said that Karnataka aims to become a $1 trillion economy by 2032 by growing at a sustained growth rate of 18 per cent.

In the last five years, per capita income in the state has increased by 62 per cent and with the huge potential for growth and untapped markets, it will continue to provide opportunities to all, Patil said.

Karnataka is also partnering with technology companies to leverage Industry 4.0 technologies, he said, adding that the state will drive automation and develop AI-powered subscription products or services.

"Our industrial policy for the period 2020-25 provides multiple financial incentives to create favourable economics for the investors. We will soon bring in a new clean mobility policy that aims to position Karnataka as the premier destination for electric vehicle (EV) manufacturing," Patil said.

Addressing the gathering, Deputy CM Shivakumar said, 'With the recent change in geopolitical dynamics, India is at an advantage, and it is an opportune time for us to capitalise this momentum; the state of Karnataka has always contributed to the nation's vision, and we will continue to do so.'

'Each one of us have worked together to create a cosmopolitan city. I invite you all to join us in this journey, to explore the possibilities and potentials that Bengaluru has to offer, to collaborate and co-create with us, and to celebrate and cherish the spirit and essence of Bengaluru,' Shivakumar said.

/IANS