Task force asked to finalise DMIC paper before Japan PM's visit

New Delhi, July 3 (UNI) Task force on the 90 billion dollar Delhi-Mumbai Industrial Corridor (DMIC) has been asked to finalise a concept paper on the ambitious project before the visit of Japan Prime Minister Shinzo Abe to India next month.

It is co-chaired by Secretary of department of industrial policy and promotion (DIPP) in Ministry of Commerce and Industry of India and Vice Minister, Ministry of Economy, Trade&Industry of Japan.

This was indicated in a joint statement issued by India Commerce and Industry Minister Kamal Nath and Japan Minister of Economy, Trade and Industry Akira Amari here last night, an official statement said today.

The two Ministers welcomed announcement of Tokyo Stock Exchange (TSE) to introduce Japanese depository receipt (JDR) scheme, adding India can utilise it for the development of the DMIC project to be launched in January 2008.

During an interaction between the high-powered Japanese business delegation led by Mr Amari and Prime Minister Dr Manmohan Singh here last evening, Chairman of TSE board Taizo Nishimuro disclosed that Japanese companies could use JDRs to tap nearly 13 trillion dollars of Japanese household's savings for investment in India.

Mr Amari and Mr Kamal Nath co-chaired the first meeting of the Japan-India Policy Dialogue (JIPD) held during the June 30-July 3 visit of the Japanese business delegation.

The two ministers held extensive discussions to push forward the agenda of Japan-India Special Economic Partnership (SEPI), which was announced by the two countries in Tokyo on December 15, 2006 during the visit of Indian Prime Minister.

Mr Amari and Mr Kamal Nath also discussed global and regional economic issues such as Doha Development Agenda (DDA), Comprehensive Economic Partnership in East Asia (CEPEA) and Economic Research Institute for ASEAN and East Asia (ERIA), the statement said. They decided to cooperate for successful conclusion of the DDA by the end of 2007.

The Ministers reviewed status of India-Japan Economic Partnership Agreement (EPA) and Comprehensive Economic Partnership Agreement (CEPA) and directed negotiators to accomplish it expeditously.

UNI