40 more Japanese firms to invest in Gujarat: Japan's envoy

, Aug 20: Terming

a "favourite" investment destination,

's Ambassador to India Takeshi Yagi today said that 40 more firms from his country will invest in the state in the near future.

Yagi was here to inaugurate a plant of Japanese sanitary wear firm Toto India Industries Pvt Ltd at Halol in Panchmahal district today, where Gujarat Chief Minister Anandiben Patel was also present, an official press release said.

The plant has been built at a cost of Rs 350 crore. The Japanese company had signed an MoU with the Gujarat government during Vibrant Gujarat Summit of 2011, it said. "This new venture will further strengthen the trade ties between Japan and India. Gujarat has become a hot favourite destination for Japanese firms due to good governance and transparent administration," Yagi said.

"At present, 60 Japanese firms are operational in Gujarat. In the near future, the number will increase to 100," he said adding that Prime Minister Narendra Modi's visit to Japan next week will prove beneficial for the development of Gujarat as well.

After inaugurating the plant, Patel said it would employ over 300 local youths. She urged the delegation to invent a technique to reduce the water usage and also called for exchange of Japanese expertise for recycling and re-using drainage water, said the official statement.

PTI