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Shri Kamal Nath, Minister of Commerce and Industry, today invited the captains of Japanese trade and industry to have a fresh look at where India stands today and take a long term view of trade and investment opportunities that are on offer. While a large number of the big names in Japan have become household names in India – Nippon, Mitsubishi, Mitsui, Fujitsu, Itoh, Marubeni and others, the actual inflow of Japanese investment in India is still low, indicating a considerable degree of caution. “ In all major policy pronouncements since taking office, the new Government has reaffirmed its commitment to economic reforms that stimulate growth, investment and employment. .. .. In a vast developing society administered by a democratic dispensation, it has to be ensured that economic liberalisation does not undermine equitable development and does not erode broad political support for the reforms process itself. This is precisely what our government is trying to do. With Dr. Manmohan Singh as Prime Minister, the management of the Indian economy and the future of the reforms process are in safe hands. Our partners and potential investors should have no cause for any misgivings in this regard”, the Minister said while inaugurating the 32nd Joint Meeting of India-Japan Business Cooperation Committtees, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here . Close cooperation between India and Japan was a pre-requisite for making the 21st century truly the century of Asia, Shri Kamal Nath said, adding that “ it is for this reason that India and Japan have jointly staked their legitimate claim along with Germany and Brazil for permanent seats in the UN Security Council”.
India-Japan trade amounted to US $ 4 billion last year, showing a growth of 18 % over the preceding year. But while the overall growth was good, this came after a three-year stagnancy, and also there was a marked negative balance of trade in favour of Japan. So far the full potential of bilateral economic relationship was far from being realised and a boost was clearly required, Shri Kamal Nath said.
Referring to the new Foreign Trade Policy, he said the whole effort was to push up exports by a quantum jump and expressed the hope that India’s total exports would cross US $ 75 billion this year (2004-2005) as against US $ 63 billion last year. Stating that India is particularly eager to get investment in infrastructure, Shri Kamal Nath invited the Japanese to invest in the Special Economic Zones (SEZs) which would include Bio-Technology Parks and Free Trade and Warehousing Zones as well and for which a bill would be introduced in Parliament before the end of this year.
A 50-member Japanese delegation led by Mr. N. Ohashi, Chairman, India-Japan BCC and Chairman, Mitsui Co. participated in the meeting, along with Shri Ashok Jha, Secretary, Department of Industrial Policy and Promotion and Mr. Kenji Yoshizawa, Advisor, Bank of Tokyo-Mitsubishi Ltd.
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