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CEPA to boost trade between Japan-India

By Staff
Google Oneindia News

Bangalore, Aug 13: The Economic engagement between India and Japan is expected to reach greater height with the visit of the Japanese Prime Minister Shinzo Abe later this month, Ms Rugmini Parmar, Director Department of Industrial Policy and Promotion Ministry of Commerce and Industry, opined here today.

Speaking at a seminar on 'Facilitating Indian Investments in Japan' organised by the Confederation of Indian Industry (CII) here today Ms Parmar informed that though the two countries enjoyed good relations from time immemorial, the volume of trade was abysmally minimal. "The quantum of trade between India and Japan was not in commensurate with the volume of Economic growth being witnessed in the country" she said.

However Ms Parmar informed that ever since Indian Prime Minister's visit to Japan last year the economic engagement between two countries seen increasing and the Foreign Direct Investment during 2005-06 accounted for over 2.56 billion USD. Many Joint Venture projects including that of Delhi-Mumbai freight corridor and Delhi-Mumbai Industrial Corridor were also in the offing. Food Processing, Pharmaceuticals, Chemicals, Telecom, Transportation, Technological innovation and product development were among the many potential business sectors both India and Japan look forward, she said.

During last couple of years more and more Indian companies have also either opened their offices or made investment in the Japanese market. "Japan has emerged as the third largest Foreign Direct Investment (FDI) next to United States and United Kingdom" Mr Rugmini said.

Mr Kazumasa Kuboki, Director General Japan External Trade Organisation (JETRO) who also spoke on the occasion has claimed that Japan has emerged as the centre of new trends and creativity and was a preferred testing found for new products. Stressing that Japan has emerged as the second largest market after United States he said that "Increasing number of companies worldwide are partnering with Japanese companies to develop products and services, create innovative technologies and conduct R&D projects". He said that Loyalty and commitment to long term partnership, sophisticated consumers with high purchasing power. Access to new Asian markets and favorable business climate has made Japan as most sought after estination for exploring business opportunities.


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