'Indo-Japan economic relations on new trajectory'

New Delhi, Apr 14: The Government today said the Indo-Japan trade and economic relations are moving on to a new trajectory.

Major new initiatives such as the Delhi-Mumbai Industrial Corridor (DMIC) are being given concrete shape and the Economic Partnership Agreement (EPA) negotiations between Indo-Japan getting underway, helping trade and economic relations, Commerce Minister Kamal Nath said.

The Delhi-Mumbai Industrial Corridor, which would pass through 6 Indian states of Haryana, Delhi, Uttar Pradesh, Rajasthan, Gujarat and Maharashtra.

During an interactive session with the Business representatives of Japan along with the Japan's Minister of Economy, Trade and Industry Akira Amari, Mr Nath hailed Japan's role as the largest contributor of Overseas Development Assistance (ODA) to India and stressed that the Delhi-Mumbai Industrial Corridor project as well as the EPA negotiations would significantly enhance bilateral trade and economic ties.

He also reiterated India's support to Japan's proposal for an East Asian Economic Region (ASEAN +6).

The dedicated freight corridors were planned along Delhi-Mumbai in phase-I and along Delhi-Kolkata routes in phase-II. The project would double employment potential in India, triple industrial output, and quadruple exports from the regions covered by the Project in 5 years, said Dr Ajay Dua, Secretary Department of Industrial Policy and Promotion (DIPP).

The project would involve development of industrial infrastructure such as upgradation of all industrial clusters in the corridor together with promotion of 10-12 new ones; improvement of physical infrastructure including upgradation of 5-6 airports, setting up of 2 greenfield ports in Gujarat and Maharashtra and augmenting rail and port connectivity, Dr Dua added.

Mr Amari said the DMIC was extremely important as it would accelerate Japanese investment in India, rapidly develop India's infrastructure sector including industrial parks, roads, ports and rail connectivity, along the routes and facilitate exports from the regions covered by the Corridor.

He said that he would come to India with a large business delegation in July, ahead of Prime Minister Shinzo Abe's visit to the country.

UNI