CEPA in the works, says Mitsui chairman
New business opportunities for Japanese investments in India are in the areas of infrastructure, manufacturing and high-technology, including advanced transportation systems, energy and renewable energy.
These were listed out by Jappanese Ambassador to India, Kenji Hiramatsu, at the 42nd Joint Meeting of India-Japan Business Cooperation Committee (IJBCC) in New Delhi on 23 Jan 2018.
Dr. Akio Mimura, Chairman of Japanese Chamber of Commerce and Industry (JCCI) noted that the two countries continue to enjoy stability and deep economic partnership in the uncertain economic and geopolitical situations globally.
He added that JCCI have had a long association with Federation of Indian Chambers of Commerce and Industry (FICCI) and both the chambers have worked in tandem fruitfully over the years for the betterment of India-Japan relations.
The business communities in both countries were working towards further augmenting investments and the India-Japan Comprehensive Economic Partnership Agreement (CEPA) which would help in expanding economic relations, said Masami Iijima, Chairman, Japan-India Business Cooperation Committee chairman and Chief Executive Officer and Chairman of Mitsui & Co. Ltd.
The number of Japanese companies in India has grown five times, from 267 in 2006 to 1,309 in 2017, according to Sandip Somany, Senior Vice President of the FICCI.
The Japanese presence was accompanied by the ever-accelerating Foreign Direct Investment, from US$512 million in 2006 to US$4.7 billion in 2016, he pointed out.
Somany urged the Japanese delegation to note the evolving policies and work towards the 5-year goal of doubling Japan’s investment and Japanese companies in realising India-Japan Vision 2025.
A follow-up assurance came from Minister of State for Housing and Urban Affairs, Hardeep Singh Puri, who underlined India’s commitment to further ease of doing business.
He said the focus was on affordable housing, clean India projects, urbanisation, smart cities management including solid waste management technology used in Tokyo.
Elaborted FICCI past president Onkar S. Kanwar, “I assure that we would provide all the support towards advancing cooperation between India and Japan in the fields of energy with a focus on manufacturing of eco-friendly vehicles including hybrid and electric vehicles.
The wide area of support will also cover smart cities, information and communication technology, space, science and technology, bio-technology, pharmaceuticals and health.
“(These) I believe are the future focus areas for industry collaboration,” said Kanwar, who is also chairman of IJBCC and Chairman of Apollo Tyres Limited of India.
The IJBCC was organized by FICCI. fii-news.com
