Modi keen on transforming manufacturing sector through India-Japan trade association

Before heading for his three-day visit to Japan, Prime Minister Narendra Modi said that India’s association with Japan will help in boosting trade between Asia’s second and third largest economies.

Japan is already one of the largest investors in India and Narendra Modi is certain that his visit will “write a new chapter in the annals of the relations between Asia’s two oldest democracies and take our strategic and global partnership to the next higher level.” It will help in transforming the growth of manufacturing, infrastructure, energy and social sectors in India, he said.

Referring to Japan as India’s “closest partners in political, economic, security and cultural realms,” Modi said, “We will explore how Japan can associate itself productively with my vision of inclusive development in India.”

“We will discuss how to boost our defence and security cooperation, including in defence technology, equipment and industry, in line with the evolving domestic policies of the two countries. I will try to accelerate progress on the unfinished agenda of projects and initiatives that our two countries have embarked upon,” he further added.

The visit will take the strategic and global partnership between the two countries to the next higher level. A team of delegation, including Reliance’s Mukesh Ambani and Wipro’s Azim Premji are also accompanying Modi.

According to a recent survey conducted by the Japan External Trade Organization, India is one of the most favourable Japanese investment destinations. India imports machinery, iron and steel, transport equipment, electronic goods, organic chemicals and machine tools and exports petroleum products, gems and jewellery, iron ore, marine products, ferroalloys, oil meals and chemicals to Japan.

With an investment of USD 12.66 billion in India between April 2000 and June 2012, Japan has accounted for 7% of total FDI inflow into India and has become the fourth largest investor in the country.

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