Friday, May 18, 2013: India has invited Japan to invest in the electronics hardware sector to develop trade relations between the countries. Commerce and Industry Minister of India Anand Sharma urged Japanese businessmen to explore business opportunities in the country. Sharma is in Tokyo to attend India Investment Roundtable meeting organised by the ministry and CII.
In a statement, CII said, “Sharma invited leading Japanese companies to invest in India and become partner in the growth story for mutual benefit.”
As many as 20 CEOs of leading Japanese companies including Toshiba, Komatsu, Daiichi Sankyo, Mitsubishi Corporation and Nippon Airways participated in the meeting. “The demand for electronic hardware in India is increasing rapidly and Japan’s support in meeting this demand would be important,” CII quoted Sharma.
The minister updated the Japanese business community that India is now open for multi-brand retail and civil aviation investments by foreign players and “more reforms in insurance and pension sectors, among others, were in the pipeline”.
CII Director General Chandrajit Banerjee informed the community that vital economic legislations such as Banking Bill and Companies Bill are under discussion and that there has been a remarkable progress on Goods and Services Tax and Direct Taxes Code to simplify the taxation system in the country.
Talleen Kumar, joint secretary in the Department of Industrial Policy and Promotion (DIPP) highlighted the National Manufacturing Policy and various opportunities available for Japanese SMEs for investment in manufacturing and infrastructure sectors.
Toyota Kirloskar Motor Company Vice Chairman Vikram Kirloskar said that joint ventures in the auto sector could be seen as a role model for Indian and Japanese collaboration. The bilateral trade value between the countries was estimated to be $18.42 billion in 2011-12 whereas Japan has invested $14.42 billion between April 2000 and February 2013 in India.
