Japan can tap 13 trillion dollar JDRs for investment in India

New Delhi, July 2 (UNI) Hailing the proposed 90 billion dollar Delhi-Mumbai Industrial Corridor mega project, Prime Minister Manmohan Singh today expressed hope that Japanese Depository Receipts (JDRs) would help finance projects in DMIC.

He made the observation when Tokyo Stock Exchange's board chairman Taizo Nishimuro disclosed that Japanese companies could use JDRs to tap nearly 13 trillion dollars of Japanese household savings for investment in India.

Addressing a high-powered business delegation from Japan led by their Minister of Economy, Trade and Industry Akira Amari, the Prime Minister said his government is working closely with concerned State governments to ensure early and speedy implementation of Dedicated Rail Freight Corridor (DFC) and DMIC projects.

DMIC, to be launched in January 2008, is to come up on either side of 1483 kms long DFC between the two metro cities of India.

Dr Manmohan Singh said ''India hopes Japanese capital, technology and enterprise will play an important role in helping realise our growth potential.'' Welcoming renewed interests in investing in India among Japanese companies, he expressed India's gratitude for Japan's official development assitance (ODA) and hoped Japan would invest in more projects like the Delhi Metro and DFC.

Recounting his December 2006 visit to Japan as ''historic and landmark visit'' that contributed to ''widening and deepening'' India-Japan economic and business cooperation, he said ''A very warm welcome awaits Prime Minister Shinzo Abe (in India) next month.'' Both the Prime Minister and the visting Japanese Minister expressed satisfaction with the ongoing dialogue on cooperation in energy, especially in developing clean coal, and energy efficient technologies.

He also praised Mr Abe's initiative on climate change which recognised the development aspirations of poor countries, saying strategies to manage global warming must ensure ''sustainable development and sustainable globalisation.'' The Prime Minister requested Japan External Trade Organisation (Jetro) to encourage small and medium enterprises from Japan to also invest in India. Earlier in the day, Jetro signed a Memorandum of Understanding with Confederation of India Industry (CII) to promote SMEs in India.

Dr Singh also welcomed Japan's proposal to set up a high-powered economic research institute focused on East Asian economics.

Suzuki Chairman Osama Suzuki said India is emerging as an attractive ''gateway to Europe for Japanese companies.'' UNI