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The Andhra Pradesh (AP) government on Friday signed a memorandum of understanding (MoU) with the Ministry of Economy, Trade and Industry of Japan (METI).
Under this, METI and relevant governmental organisations will promote direct investment by Japanese companies to AP in various fields such as urban development, infrastructure, manufacturing, agriculture, food processing and information technology.
The development of Japanese industrial parks in AP is also to be supported by METI and relevant governmental organisations. AP will support Japanese companies’ participation in significant projects in the state, an official release stated.
The state also signed an MoU with the New Energy Industrial Technology Development Organisation (NEDO) of Japan. This envisages sharing of information and exchange of opinion between NEDO and AP besides identifying the possibilities of future collaborative activities in the area of smart community.
AP chief minister, N Chandrababu Naidu, who is on a visit to Japan, met Yoshiyuki Toyoda, Iseki & Co managing director, senior corporate officer and division manager of overseas sales division. Naidu asked Toyoda to “take the first mover’s advantage and invest in Andhra Pradesh.”
The chief minister also met Fumio Hoshi, senior adviser to Sumitomo Mitsui Banking Corporation (SMBC) and told him his government would set up an office to clear Japanese investments in the state. The office would have an escort officer to ensure faster clearances for companies.
Hoshi suggested AP to focus on certain sectors and SMBC “can act like bridge between Japanese companies and your (Naidu’s) state,” the press release said.
In a meeting with the chief minister on the fifth day of his visit, Hitachi group vice president, Akira Shimizu, said land acquisition and taxation were two challenges Japanese firms face in India. Naidu said a ‘Japan Desk’ with Japanese-speaking officials would be set up at the chief minister’s office to expedite clearances.
He also addressed a seminar on investments opportunities in AP where he elaborated on the growth potential of the state.
Naidu met Hisao Tanaka, director representative executive officer, president and CEO of Toshiba, and sought their help in reducing transmission and distribution losses in the power sector.
He wanted Toshiba’s cooperation in energy, water, healthcare and skill development. “You can also consider manufacturing medical equipment in AP and can export from our state,” he told.
“We will study the proposal and ask our India head to be in touch with your government,” Tanaka added.
In another meeting with Softbank chairman Masayoshi Son, Naidu sought the former’s support in solar projects. Son said he was interested only in big projects in AP. Naidu said Softbank could also explore opportunities in the infrastructure sector in the state.
