Japanese minister seeks more Indian investment

Wednesday, 15 January 2003, 20:30 IST
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NEW DELHI: Japanese Vice Minister for International Affairs Tadakatsu Sano has urged the Indian business community to invest more in his country to foster bilateral cooperation. "We look forward to Indian cooperation in our economic development," Sano said. He was addressing the Indian business community here Tuesday at an interactive meet organised by the Confederation of Indian Industry (CII). In Delhi for the third India-Japan Investment Dialogue, Sano said that Japan was looking forward to India's participation in the World Trade Organisation's (WTO) mini ministerial meeting scheduled in Tokyo on February 15-16. He held meetings with Arun Shourie, Minister of Disinvestment and Commerce and Industry and V. Govindarajan, secretary in the ministry of commerce and industry. Sano during his meetings urged that besides sharing information, "efforts must be made to address the problems that afflict the two countries - albeit minor ones." The minister indicated the Tokyo meet agenda, to be finalised in consultation with the participating member countries, would include market access in agriculture and services and anti-dumping. The Singapore issues such as investment and competition policy will also figure among the agenda. Sano expressed Japan's disappointment with the lack of progress in the WTO on Trade Related Intellectual Property (TRIPs) and public health issues. He said the agenda of the Tokyo meet would be aimed at ensuring the success of the Cancun Conference and the Doha Round. On recent initiatives taken by India to attract more foreign direct investments, Sano stressed on the need to do away with all hurdles and a congenial atmosphere for the Japanese investors to invest without any fear and further delay. "China's recent emergence as the most vibrant economy has forced Japan to look eastward and more particularly in Association of Southeast Asian Nations," the minister stated. As a result of which there has been considerable drop in Japanese investment flow to India. Speaking on the occasion, former CII president Brijmohan Lall Munjal allayed fears of some sections of the Japanese investors about investment climate in India. Marking the 50th anniversary of diplomatic relations and the 100th anniversary of Indo-Japan association in 2002-2003, CII would organise the India IT Exhibition in Tokyo from June 24-27. A CEOs mission to Japan on March 10-11 will precede the exhibition.
Source: IANS
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