Tokyo Calling: Modi drums up India story, promise red carpet, not red tape

No place like India to do business. Blend Japan’s hardware skills and India’s software to create everyday miracles. This is economic diplomacy, with a flourish. Literally, banging the drums in a symbolic “jugalbandi,” India’s Prime Minister Narendra Modi launched a charm offensive in Tokyo and told Japanese investors that red carpet, not red tape, awaits them if they come to India.

A day after his meeting with Japan’s Prime Minister Shinzo Abe and the two nations launched a path-breaking investment partnership, Modi played the chief salesman and choreographer of the India Story.

“There is no other place more suited to you than India,” said Modi at a meeting organised by the Japan External Trade Organisation (Jetro) and Nikkei on September 2.

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Japan to double investments in India, pledges 3.5 trillion yen boost

In a series of defining steps that will pitchfork India-Japan economic relations into a higher trajectory, Asia’s second and third largest economies will jointly work towards doubling Japanese foreign direct investment (FDI) and the number of Japanese companies in India within the next five years.

India’s Prime Minister Narendra Modi and Japan’s Prime Minister Shinzo Abe, who held wide-ranging talks in Tokyo on September 1, announced the formation of India–Japan Investment Promotion Partnership to take expanding bilateral trade relationship to the next level.

Under this investment partnership, which has the potential to be a game-changer in India’s quest for world-class infrastructure, Japan will give around 3.5 trillion yen ($33 billion) of public & private investments, including Overseas Development Assistance, to India in a five year period.

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