Japan, India to boost investment cooperation

Thursday, 15 June 2006, 07:00 Hrs
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TOKYO: Japan and India decided Thursday on a plan to encourage Japanese small and medium-sized enterprises to invest in India.

The plan "marks a remarkable start for further activating Japan-India economic exchanges" and will help "internationalise technologies of Japan's small and medium-sized enterprises", Toshihiro Nikai, Japanese economy, trade and industry minister said at a news conference in Tokyo.

Visiting Indian Commerce and Industry Minister Kamal Nath said that Japan's advanced technology and India's workforce "can be synergised into a win-win situation for both countries".

The two ministers held talks on the sidelines of World Economic Forum on East Asia which began Thursday in Tokyo.

The Japanese government will offer consultation services to firms interested in doing business in India, according to the action plan, and the government-linked Japan External Trade Organization (JETRO) will open its third office in India next month to support Japanese businesses in the country, as another effort to boost investment in the South Asia giant.

India, on its part, plans to set up special economic zones to attract foreign investment with preferential measures such as tax breaks, according to the document of the plan.

India and Japan are also planning to establish a Japanese industrial cluster or "a Japanese city" in Haryana, northern India, Kyodo News said.

The two countries have also agreed to hold seminars to jointly promote energy conservation and environmental protection, as well as fashion shows to boost textile industries of both countries.

Statistics show that over 300 Japanese firms were operating in India. Some 65 percent of Japanese investment in the country is made by automakers, chemical firms and electronics companies.

Source: IANS
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