Indo-Japan business forum to be inaugurated during Japan PM visit

New Delhi, July 19 (UNI) The next round of trade talks between India and Japan is likely to be ''pragmatic and leading to sustainable negotiations,'' as both sides have come to better appreciate and understand each other's sensitivities, Commerce Minister Kamal Nath said.

Welcoming Masahoru Kohno, Japan Foreign Affairs Deputy Minister here last evening Mr Nath said the two ministers reviewed several issues of bilateral importance as part of the Indo-Japan Strategic Dialogue on economic issues held in New Delhi.

The ministers also discussed trade issues that are likely to dominate during Japanese Prime Minister Shinzo Abe's visit to India in August. Mr Nath is expected to inaugurate the Indo-Japan Business Leaders Forum and release a joint statement emphasising the major role of the private sector in strategic economic engagement during the visit.

Both sides are expected to nominate top CEOs for inclusion in the Business Leaders Forum.

They also discussed the progress of DMIC (Delhi-Mumbai Industrial Corridor) Project. The project is conceptualised to take benefit of the high quality connectivity offered by Delhi-Mumbai Dedicated Rail Freight Corridor (DFC) by augmenting the required infrastructure.

DMIC phase-I is synchronised to be completed by 2012 with DFC. DMIC project is proposed to be based on the approach of infrastructure development and connectivity (road, rail, port and air) rather than providing fiscal or financial incentives.

Japan is the fifth major investor in India with cumulative inflow of the US 2.21 billion dollar since 1991. Recently, many Japanese companies have shown interest in India particularly, Suzuki, Honda and Nissan.

India needs many more such projects from Japanese businesses particularly in infrastructure sector.

UNI