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India urges Japan to invest more
By agencies
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Wednesday, 13 April 2005, 19:30 IST
TOKYO: India's commerce minister, Kamal Nath, has urged Japan to invest more in his country after years of stumbling trade, fresh on the heels of India's pledges to boost ties with Japan's growing rival China.
Nath, on a three-day visit to Japan, told a business seminar in Tokyo that India is firmly committed to opening up its economy and said China has taken notice.
'Countries like South Korea, China and the U.S. have recognized the infinite strength of the Indian economy and its commitment to reforms and have made considerable investments in India,' Nath said.
'Japan has remained somewhat hesitant,' he said.
Japan was an early investor when India began to end decades of state control of the economy in the early 1990s, with Suzuki Motor now holding a majority stake in India's top automaker Maruti.
However, India's imports from Japan fell to $2.15 billion in 2001-2002 from $2.47 billion in 1998-1999, with exports following a similar pattern, according to the Indian commerce ministry.
Nath said India wants a paradigm shift 'from an ODA (official development aid)-based relationship to FDI based' ties 'to create a new momentum for trade and investment.'
Chinese Prime Minister Wen Jiabao this week visited India where the world's two most populous nations pledged to boost bilateral trade to $20 billion by 2008 and to $30 billion by 2010.