FM Sitharaman invites JBIC for engagement with NIIF, EXIM Bank of India

Finance Minister Nirmala Sitharaman on Wednesday invited Japan Bank for International Cooperation (JBIC) for an active engagement with National Investment and Infrastructure Fund (NIIF), EXIM Bank of India and other financial institutions citing huge opportunity for investment in the country.

During the meeting with JBIC Governor Hayashi Nobumitsu here, both exchanged views on JBIC's recent activities in India contributing towards Japan's investment target of five trillion yen over the next five years.

"The Union Finance Minister observed that India has been ranked by the JBIC as one of the most attractive #investment destinations in recent years' survey of Japanese manufacturing companies and encouraged engagement of JBIC with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and lending banks to leverage the strength and complementarities of both countries," the finance ministry said in a statement posted on X.

Japan has agreed to provide 5 trillion yen in public-private investment and loans to India over the next 5 years. This goal was set by both countries during Prime Minister Kishida Fumio's visit to India in March of last year.

Sitharaman informed the JBIC governor about various initiatives of the government including PM GatiShakti and other enabling policies for development of the blue economy.

She urged JBIC to bring in investment to India for processing of marine food products, logistics and transportation development and also in emerging sectors viz. artificial intelligence, Hydrogen-based energy and semi-conductors.

JBIC governor appreciated the initiatives of the government of India towards facilitating investment through various instruments like PLI schemes and National Infrastructure Pipeline (NIP); besides GST reforms.

Hayashi Nobumitsu stated that JBIC is also looking forward to explore more opportunities for mutually beneficial engagements between the two countries.