 "Sharma invites investment from Japan in infra, electronics")
Commerce and Industry Minister Anand Sharma, who is in Tokyo for India Investment Roundtable meeting, asked the Japanese businessmen to explore business opportunities in India.
"Sharma invited leading Japanese companies to invest in India and become a partner in the growth story for mutual benefit," CII said in a statement. The roundtable meeting was organised by the ministry and CII.
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Sharma said besides infrastructure, electronic hardware was another key area, where India and Japan could collaborate. "The demand for electronic hardware in India is increasing rapidly and Japan’s support in meeting this demand would be important," it said quoting Sharma.
The minister informed the Japanese business community that India had opened up multi-brand retail and civil aviation markets for foreign players and "more reforms in insurance and pension sectors, among others, were in the pipeline". CII Director General Chandrajit Banerjee said key economic legislations such as Banking Bill and Companies Bill were on the table and that there has been good progress on Goods and Services Tax and Direct Taxes Code to streamline the taxation system in the country.
Talleen Kumar, Joint Secretary in the Department of Industrial Policy and Promotion (DIPP) gave a detailed presentation on the investment opportunities in India.
He highlighted the National Manufacturing Policy and opportunities available for Japanese enterprises for investment in manufacturing and infrastructure sectors, including SMEs, it added.
Speaking on the occasion, Toyota Kirloskar Motor Company Vice Chairman Vikram Kirloskar said that joint ventures in the auto sector could be a role model for Indian and Japanese collaboration.
The Roundtable meeting was attended by over 20 CEOs of several Japanese companies including Toshiba, Komatsu, Daiichi Sankyo, Mitsubishi Corporation and Nippon Airways.
The bilateral trade between the countries stood at $18.42 billion in 2011-12.
Japan has invested a total of $14.42 billion in India between April 2000 and February 2013.