After Rajasthan, investors from Japan can look at Odisha to set up shop as the government has identified 600 acres of land near Bhubaneswar to woo Japanese firms.
“The land that we have identified is proposed to be developed as a multi-product park where companies from Japan can come and set up their units. During our recent visit to Japan, we showcased our industry-friendly policies and the incentives we offer to investors. We are prepared to review the wishlist of the interested Japanese companies and provide them with the necessary facilitation and support”, said Sanjeev Chopra, principal secretary (industries) with the Odisha government to Business Standard.
A delegation from Odisha along with the industry body Confederation of Indian Industry (CII) visited Japan last week and staged roadshows in Tokyo and Osaka. The delegation met some of the top-notch corporations in Japan with a turnover in the range of $50-60 billion.
Chopra declined to name the companies to Business Standard as the discussions were in initial stages and no investment intent was announced by the Japanese companies. Odisha has hardly seen major Japanese investments with the exception of Indo Nissin Foods, a subsidiary of Japan-based Nissin Foods. The company, in January 2014, commissioned its factory at the Khurda food park on Bhubaneswar’s outskirts, its third in the country, at an investment of Rs 100 crore.
In Rajasthan, around 1,100 acres has been earmarked for Japanese firms. Some of the most-sought after Japanaese firms like Toyota Motor Corporation, Hitachi and Daikin Industries have clustered there and enjoy facilities like streamlined approval process and uninterrupted power supplies.
Japan’s Foreign Direct Investment (FDI) in India has been expanding as it touched $3.5 billion in 2016. Also, Japan is India’s 10th largest trading partner with the two-way trade valued at $14.5 billion in 2016.
