India, Japan to deepen energy ties; Goyal invites investment

India and Japan today resolved to deepen their collaboration in the energy sector with Union Minister Piyush Goyal asserting that bringing together the country's skilled manpower and Japanese technology will create partnerships beneficial for the world.
The two nations chalked out a roadmap for further collaboration in the fields of electricity, renewable energy, energy efficiency and conservation, coal and petroleum and natural gas.
After conclusion of the bilateral Energy Dialogue here, Goyal said the cooperation in energy sector should be such that Japanese technology and capital can be dovetailed with Indian high skilled human resources and "Make in India" to create partnerships not only for the mutual benefit but also for benefit to the world.

During the bilateral meeting, Goyal and Japan's Economy, Trade and Industry Minister Motoo Hayashi reaffirmed their desire to significantly increase the engagement between the two countries in the areas of energy, including renewable energy and energy efficient technologies.
They agreed to have frequent discussions between the Working Groups set up, through video conferences and bilateral visits so that issues related to mutual business opportunities could be taken forward expeditiously.
The two Ministers agreed that such mutual engagement must result in concrete outcomes that can be showcased during the annual summit meeting between the two Prime Ministers.

Goyal invited his Japanese counterpart to visit India for the 9th Energy Dialogue in 2017.

Goyal is on a visit to Japan to attend the eighth India-Japan Energy Dialogue that concluded today.
Earlier, Goyal said that Niti Aayog is working actively with the Institute of Energy Economics, Japan (IEEJ) for developing a long-term cooperation in the energy sector which will help India plan its energy security.
India's collaboration with the Japanese think tank in the energy space IEEJ will help it develop a possible energy mix for the country in the years to come, Goyal said.
He also said that Japanese financial institutions have evinced keen interest in investing large amount of capital in various sectors including energy space in India.

Some of the financial institutions with whom the minister had meetings are SMBC (Sumitomo Mitsui Banking Corporation), Mizuho Bank, BTMU (Bank of Tokyo Mitsubhishi UFJ), JICA, NEXI(Nippon Export & Insurance Investment), JBIC.
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Referring to India's ambitious 175 GW renewable energy programme and the largest LED programme in the world, Goyal underlined the fact that energy efficiency and renewable energy are two key thrust areas and the potential for use of Japanese technologies is significant.
India presents one of the largest and fastest growing markets for Japanese cutting edge technologies and India will be keen to promote such technologies that could be of mutual benefit to both sides.

Goyal also extended his personal invitation to Hayashi to lead a high level METI delegation to the upcoming 'Make in India' week between 13-18 February, 2016 in Mumbai.
He said that the primary objective of Government's thrust on energy efficiency investments is to promote sustainable development and to improve energy access at affordable prices to the people of India.
Goyal urged the Japanese and Indian industry to come out with innovative technologies that could serve the needs of the common man, particularly for unserved sections of India where electricity grid is yet to reach.
He also held a series of meetings with leading Japanese financial institutions and business houses, after the roundtable sessions today.

"I had a very good interaction with six financial institutions and banks this afternoon... The high level of integrity and good governance that has been the focus of Prime Minister Narendra Modi has excited investors who wished to commit large amount of capital particularly for the energy sector," Goyal said.
Leading Japanese companies associated with the energy sector in India, Sumitomo Corporation, Mitsubishi Hitachi Power Systems, Hitachi, JPOWER and Toshiba also met the minister.
During the day an Indo-Japan Collaboration Dialogue session was held on the adoption of Energy Storage batteries for renewable energy.
From the Japanese side, NEC, Toshiba, Hitachi, Sumitomo and NGK, while from the Indian side IL&FS Energy, ACME, C-STEP participated in the session.

The Power Minister is accompanied by a business contingent from India, representing over 30 Indian business enterprises and public sector undertakings, apart from the official delegation.