The post Joint Statement on Japan-India Investment Promotion by Anand Sharma, Minister of Commerce and Industry, India and Toshimitsu Motegi, Minister of Economy, Trade and Industry, Japan appeared first on Core Sector Communique.
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The Minister of Commerce and Industry of India, H.E. Anand Sharma, and the Minister of Economy, Trade and Industry of Japan, H.E. Toshimitsu Motegi reaffirmed their expectation to advance cooperation between the Ministry of Commerce and Industry of India and the Ministry of Economy, Trade and Industry (METI) of Japan in the framework of India’s “National Manufacturing Policy” for enhancing bilateral investment and trade which would drive growth of both countries. They further expressed their expectation that both countries would continue to work closely for achieving an enabling predictability and transparency in terms of business environment as reflected in the joint statement on the occasion of the Japan-India summit meeting on May 29, 2013.
l Following up on the Joint Statement of 17th May, 2013, for supporting, inter alia, planned initiatives and projects designed to strengthen business partnerships, the Ministers reiterated the importance of investment promotion for the mutually beneficial development of both countries and agreed to deepen engagement with regard to measures for investment promotion and improvement in business environment in partnership with State Governments and enhancement of cooperation between two countries in the area of investment promotion.
l Both sides welcomed the establishment of frameworks which will contribute to investment promotion such as the “Manufacturing Industry Promotion Board (MIPB)” chaired by Minister Sharma. The two Ministers welcomed the progress made in electronics sector, after the Ministerial level interaction in February, 2013. A Japan Help Desk has been set-up in the Department of Electronics and Information Technology (DeitY) with the mandate to facilitate Japanese companies in investing in electronics sector in India and steps have been taken to form a Joint Working Group (JWG) for greater cooperation in the IT and Electronics sector. Both sides have noted the idea to establish a Japanese Electronics Manufacturing Township with Japanese assistance in India with world class infrastructure and agreed to take this up in the forthcoming JWG.
l Both sides shared the view that industrial infrastructure is critically important for the expansion of foreign direct investments to India from Japanese companies and welcomed the substantial progress made in the Delhi-Mumbai Industrial Corridor (DMIC）project , conceived as a symbol of Indo-Japan strategic partnership during the meeting of the Prime Minister of Japan, H.E. Mr. Shinzo Abe, and the Prime Minister of India, H.E. Dr. Manmohan Singh on the occasion of the visit of the Prime Minister of India to Tokyo in December, 2006. Both sides also welcomed the progress made in the Chennnai-Bengaluru Industrial Corridor (CBIC）project initiated in 2011 with substantial reflection of the concepts arising out of cooperation between both countries in the DMIC project.
l Referring to the report “Challenges for India-Japan Investment Promotion Towards Expanding Exports through Investment“ by the Japan External Trade Organization (JETRO), both sides also affirmed the importance of an all inclusive initiative to further facilitate investments besides the on-going intitiatives in DMIC and CBIC projects.
l Both sides committed to the formulation of an Action Plan to promote two-way investments between India and Japan based on three pillars ; (1)India-Japan business partnership (2) Cooperation with Central and State Governments on Investment promotion and Facilitation and (3) Improvement in business environment.
l Both sides also committed to review the progress of the Action Plan annually.
Anand Sharma
Minister of Commerce and Industry,
India
Toshimitsu Motegi
Minister of Economy, Trade and Industry,
Japan
The post Joint Statement on Japan-India Investment Promotion by Anand Sharma, Minister of Commerce and Industry, India and Toshimitsu Motegi, Minister of Economy, Trade and Industry, Japan appeared first on Core Sector Communique.
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]]>Following is the text of the Joint Statement by Anand Sharma, Union Minister of Commerce and Industry, India and Toshimitsu Motegi, Minister of Economy, Trade and Industry, Japan:
The meeting between H.E. Anand Sharma, Minister of Commerce and Industry of India and H.E. Toshimitsu Motegi, Minister of Economy, Trade and Industry of Japan was held on 17th May, 2013 in Tokyo, Japan.
1. Delhi-Mumbai Industrial Corridor (DMIC)
1) Both sides welcomed progress of Dedicated Freight Corridor (DFC) as the backbone of DMIC and agreed to review their progress on a continuous basis.
2) Both sides appreciated Government of India`s formalizing the process of 26% equity participation from Japan Bank for International Cooperation (JBIC) in Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and relaxation of capital regulations to enable long term lending for DMICDC projects through JBIC.
3) Both sides agreed to expedite the process of Smart Community Projects such as seawater desalination at Dahej, Gujarat; power system stabilization project in the State of Gujarat; a microgrid system using large-scale photovoltaic (PV) power generation at Neemrana Industrial Area in Rajasthan (New Energy and Industrial Technology Development Organization (NEDO); and gas-fired independent power producer (IPP) in Maharashtra and agreed to advance the projects by exploring solutions for electricity and environmental regulations and/ or their implementation with related Ministries.
4) Both sides reaffirmed that trunk infrastructure projects for Japan`s US $ 4.5 billion facility should be implemented through advanced innovative cutting-edge technologies for sustainable development in a way beneficial to both the countries with all instruments of JBIC`s and Japan International Cooperation Agency (JICA)’s funding including STEP. Since this is a global and strategic partnership initiative between the two countries, the objective should be to attract Japanese technology and investments along the DMIC corridor.
5) Both sides reaffirmed cooperation in manufacturing, development of industrial clusters and skill development centers promoted by The Overseas Human Resources and Industry Development Association and Japan External Trade Organization (JETRO) in the DMIC region. Both sides acknowledged the “Japanese industrial zones” facilitated by some of the State Governments in DMIC region and JETRO, as one of the key initiatives under the DMIC to create globally-competitive industrial clusters.
2. Chennai-Bengaluru Industrial Corridor (CBIC)
Both sides acknowledged the progress made in the CBIC project and the finalization of the preliminary report for enhancing the quality of infrastructure in the region. The issue of improving access to Ennore and Chennai ports will be taken up in partnership with the State Government.
Both sides acknowledged the finalization of ToRs for the perspective planning of the region and for the Master Planning of investment nodes. It was agreed to reinforce their cooperation in the CBIC region and provide impetus to development of industrial clusters and skill development.
3. Japan India Investment Promotion
1) Both sides agreed to deepen discussion on concrete measures on India-Japan Investment Promotion under partnership with both countries` businesses, reaffirming the expansion of investment as being essential for the global, strategic and complementary economic relationship between the two countries.
2) Both sides agreed to support planned initiatives and projects in this year designed for strengthening business partnership to be organized by JETRO and NEDO.
3) Both sides confirmed that investment promotion is necessary for both countries` mutually-beneficial development, and agreed to deepen related discussion with regard to measures for investment promotion and improvement in business environment in partnership with State Governments.
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