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Press Release

IJBCC Pitches for Sharp Acceleration in Japanese Investments to India Focus on affordable housing, Clean India projects and smart cities: Hardeep Singh Puri

Jan 23, 2018


 

 NEW DELHI, 23 January 2018: Addressing the 42nd Joint Meeting of India-Japan Business Cooperation Committee (IJBCC) organized by FICCI in partnership with the Japan Chamber of Commerce and Industry (JCCI), Mr. Kenji Hiramatsu, Ambassador of Japan to India said that new business opportunities for Japanese investments are in the areas of infrastructure, manufacturing and high-technology, including advanced transportation systems, energy and renewable energy. There are 1309 Japanese companies operating in India.

 

In his Special Address, Mr. Hardeep Singh Puri, Minister of State (Independent Charge), Ministry of Housing and Urban Affairs,highlighted that India is committed to further ease of doing business with focus on affordable housing, clean India projects, urbanisation, smart cities management including solid waste management technology used in Tokyo.

 

Mr. Onkar S. Kanwar, Chairman, IJBCC, Past President, FICCI and Chairman, Apollo Tyres Limited, said, "I assure that we would provide all the support towards advancing cooperation between India and Japan in the fields of energy with a focus on manufacturing of eco-friendly vehicles including hybrid and electric vehicles, smart cities, information and communication technology, space, science and technology, bio-technology, pharmaceuticals and health which I believe are the future focus areas for industry collaboration."

 

Mr. Sandip Somany, Senior Vice President, FICCI, said that the Japanese companies in India grew five times (from 267 in 2006 to 1309 in 2017), accompanied by the ever-accelerating Foreign Direct Investment (from 512 million US dollars (2006) to 4.7 billion US dollars (2016)). He urged the delegation from Japan to note the evolving policies and work towards the 5-year goal of doubling Japan's investment and Japanese companies in India and realising India-Japan Vision 2025 set by the Prime Ministers of the two countries.

 

Dr. Akio Mimura, Chairman, JCCI, said in the uncertain economic and geopolitical situations, Japan and India continue to enjoy stability and deep economic partnership. Speaking about the history of the JCCI, he said that it was one of the oldest established chamber and recently celebrated the 140th year of establishment. He added that JCCI have had a long association with FICCI and both the chambers have worked in tandem fruitfully over the years for the betterment of India-Japan relations.

 

Enumerating IJBCC's activities, Mr. Masami Iijima, Chairman, Japan-India Business Cooperation Committee (JIBCC) and Chief Executive Officer and Chairman of Mitsui & Co. Ltd., said that Japan and India shared good bilateral and action-oriented partnership. The business communities on both countries were working towards further augmenting investments and the India-Japan Comprehensive Economic Partnership Agreement (CEPA) which would help in expanding economic relations.

 

Mr. Rohit Relan, Co-Chairman, IJBCC and Chairman & Managing Director, Bharat Seats Limited, said, "FICCI takes immense pride from the fact that it was the first business chamber from India to set up a bilateral mechanism in form of IJBCC in 1966." 

 

Dr. Sanjaya Baru, Secretary General, FICCI, said that there was a need for sharp acceleration in Japanese investments in India. He added that FICCI would continue its endeavors to strengthen the unique strategic and global partnership between India and Japan and urged Japanese business community to invest in India for the long term.

 

On the occasion, a FICCI Knowledge Report on 'India Japan: Roadmap towards Realising Vision 2025' was launched. The report documents the opportunities and challenges that two countries currently face in the due process of building further relations. During the joint meeting, two Plenary Sessions on 'Make in India: The New Hub for Manufacturing and Infrastructure Development' and 'India and Japan: Towards Realizing Vision 2025' were also organized.  The 42nd Joint Meeting of India-Japan Business Co-operation Committee concluded with the adoption of a Joint Communique.

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