Japan helps Indian manufacturers to play a role in global economy

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JETRO implements ‘Strengthening Overseas Supply Chains’ program

The Japanese government is moving forward in tandem with the Indian Government to strengthen India’s manufacturing sector for integrating into regional value chain and play a role in the global economy, Japanese Ambassador Satoshi Suzuki has told a forum of parliamentarians on 17 Feb 2021.

“We expect this to help India get better integrated into the regional value chains and to play an even more important role in the global economy. I would like to mention that JETRO (Japan External Trade Organization) is implementing the Program for Strengthening Overseas Supply Chains,” he said at the ‘5th Dialogue with States: Japan’s Connect with Karnataka titled ‘Catalyzing Inclusive Socio-Economic Development’.

It was organized by FICCI Forum of Parliamentarians jointly with the Embassy of Japan.

Regarding the Japan-Karnataka connect, the envoy pointed out that 217 Japanese companies are operating in Karnataka in IT and Japanese start-ups, such as Sagri, an agri-tech venture, and other venture capital firms are supported by the Japan-India Start-up Hub. In addition, trading companies, such as Sojitz and Mitsui, have opened their branches so that they can closely collaborate with those start-ups.

Japanese companies like Panasonic and Sony have set up R&D bases in the state to capitalize on the talent of Indian youths. “We will continue to cooperate with various parties to promote Japanese companies’ operations there. In addition to these exchanges in IT and tourism sectors, I hope that people-to-people exchanges will be promoted by utilizing the ‘Specified Skilled Worker’ scheme,” said Amb. Suzuki.

Akiko Sugita, Consul-General of Japan in Bengaluru highlighted that Karnataka is the largest R&D hub of India with the presence of large number of global manufacturing companies.

She pointed out that Japan is ranked the fifth largest investor for FDI for Karnataka from 2014-19 and investment in the state grew 5.4 times from US$1.3 billion in 2016 to US$7.2 billion in 2019. The focus sectors being IT, Healthcare and Wellness between Japan and Karnataka.

The aim of the dialogue was to enhance economic cooperation between Karnataka and Japan and to focus on start-up ecosystem, capacity building, art and culture, tourism and people to people ties of Japan’s existing and potential connect with Karnataka.

The discussion also witnessed the presence of Members of Parliament across party lines from Karnataka who shared their views on leveraging the potential of Karnataka in enhancing socio-economic and cultural development and encouraging collaboration on various sectors with Japan.

Karnataka offers a suitable investment climate for the Japanese manufacturers both in the long- and medium-term, said Dr Ashwathnarayan CN, Deputy Chief Minister of the state.

Bhupender Yadav, Chair, FICCI Forum of Parliamentarians and Member of Parliament said that the countries have sought to utilise their combined strengths for diversified and resilient supply chains through the Supply Chain Resilience Initiative between India, Japan, Australia and other like-minded countries.

“Indo-Japanese connect is spread on a larger canvas which includes political, economic, trade and security aspects. The sister-state and sister-city cooperation have strengthened the connect of Indian states with Japan,” Yadav added.

On mega developments, the Japan Industrial Township in Tumakuru which has been set up 70-km from Bangalore with built in infrastructure, highlighted Gaurav Gupta, Additional Chief Secretary, Commerce and Industry Department of Karnataka. Karnataka provides innovation and technology with highly skilled workforce and good air connectivity, he added.

The Dialogue with States is a track II collaborative exercise organised in partnership with the Embassy of Japan to deepen the engagement to include Indian states, the Indian heartland, stressed Dr Jyotsna Suri, Past President, FICCI; Co- Chair FICCI Forum of Parliamentarians Council and CMD Bharat Hotels.

The sectoral potential of Karnataka and its single-window set up for investors and ease of doing business were highlighted by K Ullas Kamath, Chair, FICCI Karnataka State Council; Joint Managing Director, Jyothy Laboratories Ltd.

Welcoming Japanese investments to the state, he assured that Karnataka would make every effort to enhance cooperation to attract FDI from Japanese companies. #investment #skill #manufacturing #exports #projects /fiinews.com

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