'Japan may announce new comprehensive package for India'

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SME Times News Bureau | 17 Aug, 2017
Japan is likely to announce an another comprehensive package for India's economic and social uplift as also strengthen its strategic ties with it with the forthcoming visit of Japanese Prime Minister, Shinzo Abe in next few weeks, according to Ambassador, Embassy of Japan, Kenji Hiramatsu.

Addressing members of PHD Chamber of Commerce and Industry here today, Hiramatsu added that Japanese companies would further accelerate their pace of investments in India's manufacturing, services and retail sector since the strategic alliance with the two is deepening with transformational tendencies surfacing in ease of doing business in India in the last five years.

The Ambassador, however, pointed out that a great deal of facilitation has been happening in Indian economy and especially on ease of doing business part, India’s tax regime and other such related regulations need to be improved to enable India corner a large chunk of investments from country like Japan.

According to him, the Japanese investments into India have exceeded to a large extent, rising from US$2.6 billion in 2015 to US$4.7 billion in 2016 is indicative of the fact that the economic and business partnership with a punch of strategic alliance has begun to grow substantially and the two countries should further accelerate the pace.

Hiramatsu declared that with Japanese Prime Minister coming to India in very near future, not only another comprehensive package is likely to be announced to strengthen Indo-Japan trade ties as the two countries are preparing for better security, defence cooperation including better exchanges between the armed, naval and air force of the two nations.

Commenting on the existing dedicated freight corridor project as well as the Mumbai-Ahmedabad Train project, the Japanese Ambassador informed that the dedicated freight corridor project would be completed by 2019 whereas the real construction on Amumbai-Ahmedabad train project would commence in 2018 to complete it by 2023.

The meeting was presided over by Dr. Ashwani Kumar, former Union Minister for Law & Justice who in his remarks complimented, appreciating the role of Prime Ministers Mr. Modi and Mr. Abe to carry forward the established economic engagements of the two countries in the emerging world.

Among others who were present on the occasion comprised President, Sr. Vice President, Vice President and Secretary General of the Chamber, Gopal Jiwarajka, Anil Khaitan, Rajeev Talwar and Saurabh Sanyal among others.