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Bengaluru is the preferred destination for global investors, Karnataka Chief Minister Basavaraj Bommai said on Tuesday, adding that the three-day 'Invest Karnataka' meet will be a grand success.

Bengaluru Palace will host 'Invest Karnataka', the three-day global investors' meet, which will be inaugurated virtually by Prime Minister Narendra Modi on November 2.

Talking to reporters after inspecting the arrangements for the three-day meet at the Palace ground on Tuesday, Bommai said that 'Invest Karnataka' will grab the attention of the whole world.

Global investment will lay a strong foundation for the development of Karnataka in the next five years, the Chief Minister said, as he termed the global investors' meet as an important event where technocrats, young engineers, IT/BT experts, startups, educational institutions and global and domestic investors will be welcomed.

"We are expecting more than Rs 5 lakh crore investment, and the state's high-level committee has already given clearance for investment worth over Rs 2.8 lakh crore. This is our commitment to the investors and we are going to distribute the certificates of investment on Wednesday.

"We will sign agreements with the new investors and give all the required clearances in the next few days. Karnataka is taking a big leap in the industrial sector which will be evident in tomorrow's meet," he said.

Bommai also said that most of the investors have shown interest for investment beyond Bengaluru, and new industries will now come up in Ramanagar, Hubballi-Dharwad, Ballari, Kalaburagi and Mysuru.

"Today, the industries are crossing the regional barrier. The dream of 'Beyond Bengaluru' is becoming a reality. Last week, the FMCG cluster to come up in Dharwad was inaugurated in Hubballi with an expected investment of Rs 10,000 crore. It is going to provide employment to over one lakh people," Bommai said.

"Textile parks will come up in Kalaburagi, Vijayapura and Raichur districts, along with a pharma park in Yadgir, an electronics park in Mysuru and a defence production unit in Tumkur. Our aim is to contribute $1 trillion to the Prime Minister's vision of $5 trillion Indian economy," the Chief Minister said.

The state has made achievements in the manufacturing sector, while it is also in the forefront in the fields of electronics, mechanical, energy, iron and steel sectors, he said.

"We have been in the forefront in IT/BT for the last two decades, which is why Bengaluru is called the Silicon Valley. The contribution of Karnataka to IT/BT exports is 40 per cent and the maximum number of jobs in this field is created here," Bommai said.