DPIIT and METI review progress of JITs
Japan, as the 5th largest investor in India, has contributed over US$36.2 billion in cumulative investments since 2000, while 114 Japanese companies led by Daikin, Isuzu, Kobelco, Yamaha Music, Hitachi Automotive are the marque investors which have set up manufacturing in the Japan Industrial Townships (JITs) in the country.
The Japanese investments are especially in key sectors such as automobiles, Electronics System Design & Manufacturing (ESDM), Medical Devices, Consumer goods, Textiles, Food processing and Chemicals.
The Japanese have highlighted the importance of India and Japan’s partnership that will further expand through the “Memorandum of Cooperation on India – Japan Industrial Competitiveness Partnership” and the ongoing Supply Chain Resilience Initiative, said the Ministry of Commerce and Industry at a Japan-India joint investment and industry meeting held on 14 Feb 2022.
The Joint Meeting was held between India (Department for Promotion of Industry & Internal Trade – DPIIT) and Japan (Ministry of Economy, Trade and Industry – METI) for annual review of progress of the JITs.
DPIIT and the States made presentations on developed land and infrastructure readily available for Japanese investors in these townships.
The Japanese companies were also invited for field visits to the JITs to attract investments, said the Ministry of Commerce and Industry.
DPIIT reviewed the status of JITs with METI through a virtual platform in view of COVID-19 situation. Embassy of Japan in India and the Japan External Trade Organization (JETRO) also participated from the Japanese side.
The Indian side had officers from the Ministry of External Affairs, Embassy of India in Tokyo and representatives of State Governments and Invest India at the meeting
It may be noted that JITs were set up pursuant to the “Action Agenda for the India-Japan Investment and Trade Promotion and Asia-Pacific Economic Integration” signed by METI and DPIIT in April 2015 to take steps to develop “Japan Industrial Townships” in India especially in Delhi Mumbai Industrial Corridor (DMIC) and Chennai Bengaluru Industrial Corridor (CBIC) regions to facilitate Japanese investment to India.
Japan is the only country that has dedicated country-focused industrial townships across India. The JITs offer facilities such as, special Japan desks for translation and facilitation support, world class infrastructure facilities, plug and play facilities, residential clusters, and special incentives for Japanese companies. The townships have ready to move in facilities and fully developed land.
During the meeting, it was highlighted that the Indian Government has announced various schemes to attract investments and improve the ease of doing business in India.
Meanwhile, the Production Linked Incentive (PLI) scheme announced for 14 sectors received numerous applications. Japanese companies have also applied for these PLI schemes and have received approval, said the Ministry.
The National Single Window System, an initiative by the Government was also showcased to the Japanese side. Currently has 20 Central Ministries and 14 states and UTs as listed on the one-stop digital platform.
The US$1.4 trillion National Infrastructure Pipeline (NIP – 2019-25) encapsulates infrastructure development across key sectors, such as energy, railways, roads, irrigation among others in India.
New opportunities and emerging sectors were highlighted at the meeting aims to further attract Japanese investments. Investments opportunities in the Information and Communications Technologies, Renewable Energy, Electric Vehicles, Drones, Robotics and Textiles sectors were showcased.
The Japanese side highlighted the importance of India and Japan’s partnership that will further expand through the “Memorandum of Cooperation on India – Japan Industrial Competitiveness Partnership” and the ongoing Supply Chain Resilience Initiative. fiinews.com
