NEW DELHI: Japan is set to be a leading player in transformation of infrastructure with India, with Tokyo launching $12 billion India-Japan Make in India fund.
In his talks with Prime Minister Narendra Modi, Japanese Prime Minister Shinzo Abe underlined his commitment to the Make in India programme. Mr Modi lauded the Japanese leader for his commitment to his pet project of national renewal.
The “Japan-India Make-in-India Special Finance Facility” of up to 1.5 trillion Yen by Nippon Export and Investment Insurance (NEXI) and Japan Bank for International Cooperation (JBIC) aims to promote direct investment of Japanese companies and trade from Japan to India, to support business activities with counterparts in India, including development of necessary infrastructure.
The two Prime Ministers decided to deepen mutual cooperation regarding the Make-in-India policy,” according to the joint statement.
Stressing that the ‘Make in India’ initiative has become a movement in Japan with the Japanese government creating a fund of about USD 12 billion, Mr Modi stated: “Today, there is a ‘Make In India’ movement in Japan. I have been told that $11-12 billion fund has been earmarked for it. This clearly indicates how both the countries can move forward.” This was stated by Mr Modi while he was addressing the India-Japan Business leaders forum in Delhi. ‘Make in India’ is proceeding in mission mode, not just in India, but also in Japan, he added.
Zeroing in on the potential of India’s automobile markets, Mr Modi mentioned that for the first time Japan will import cars from India. Referring to India’s leading automobile giant Maruti Suzuki, he said the company will manufacture here in India and export cars to Japan.
Focusing on the growth potential in India, Mr Modi said, “Both India and Japan should move ahead together, not just in the sphere of high-speed trains, but also for high-speed growth.”
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