Verma calls on India-Japan to work in third world
Japanese companies maintain a high appetite for investment in India and the Indo Japanese relationship has been expanded and enhanced post the COVID-19 pandemic, Ambassador Satoshi Suzuki told the ’44th India-Japan Business Cooperation Committee Meeting’ (IJBCC).
Japan is keen on strengthening the human connections between the two countries and would like to utilize the availability of skilled workers, the Japanese envoy to New Delhi stressed.
People to people, he said, is an important topic for cross-cultural linkages.
India and Japan are two major democratic countries in Asia that have upgraded to strategic global partnerships, added Masami Iijima, Chairman, Japan-India Business Cooperation Committee and Chief Executive Officer and Chairman of Mitsui & Co Ltd.
Further, the Indian Ambassador to Japan Sanjay K Verma called on the two countries to jointly look at exploring the economic and commercial activities in the third world countries and concentrate on co-innovation, co-creation, and co-production.
There is a need to explore possibilities of creating better supply chain synergies between the two countries, stressed Verma.
“The partnership between India and Japan very strongly indicate the foundation of professional, political, economic and common strategic interest, has made the foundation stronger,” said Dr Guruprasad Mohapatra, Secretary, DPIIT.
Dr Mohapatra informed that Japan has also been regarded as a key partner in India’s economic transformation and today it stands to be one of the key investors in India (third largest FDI) with a cumulative investment of more than US$30 billion, which represents 7.05 per cent of the cumulative inflows received till date.
“India-Japan investment promotion partnership focuses on the next generation infrastructure, connectivity, smart cities, manufacturing, rejuvenation of river, water security with special interest to India,” said Dr Mohapatra.
India and Japan are collaborating in the form of an industrial competitiveness partnership that will work towards enhancing India’s industrial competitiveness. The COVID 19 pandemic, has led to foreign exports to Japan, and this provides India with a unique opportunity to attract fresh Japanese investments, he further added.
Elaborating on the PLI scheme in the 13 key sectors Dr Mohapatra said, “It will enhance India’s manufacturing capabilities and exports and we look forward to Japan participating in the PLI scheme in India.
“DPIIT and Ministry of External Affairs are closely working with our missions abroad to see that the investment coming to India are hassle-free and we are coming out with a single-window system from 15 April 2021 to help the investors coming into India,” he said.
Some of the major economies including Japan, have decided to de-risk their manufacturing investments, and have dedicated stimulus packages, noted Onkar S Kanwar, Chairman, IJBCC and Chairman, Apollo Tyres Limited
“We feel this provides India with an opportunity to become the next hub of global manufacturing value chains. We appreciate the various policy reforms and measures that the Government of India has undertaken towards making India attractive for foreign investors and encouraging greater investments,” said Kanwar.
FICCI through the IJBCC and other platforms has also been actively promoting this idea and have conducted several (virtual) discussions with all relevant stakeholders to understand and gauge their issues and suggestions, said Kanwar.
The IJBCC has been a valuable contributor to the vital structure of the India-Japan ties and this joint meeting aims to strengthen the Japan-India economic engagement, added Secretary-General, FICCI, Dilip Chenoy.
The’44th India-Japan Business Cooperation Committee Meeting’ (IJBCC) was organised by FICCI on 12 Mar 2021. #investment #exports #manufacturing #technology /fiinews.com
