THE
Department of Industrial Policy & Promotion (DIPP) has set up a
special management team to facilitate and fast track investment
proposals from Japan. The team, known as "Japan Plus", will comprise
representatives from Government of India and METI (Ministry of Economy,
Trade and Industry), Government of Japan.
An outcome of the recently concluded visit of the Prime Minister of
India to Japan, the mandate of the "Japan Plus" team runs through the
entire spectrum of investment promotion – research, outreach, promotion,
facilitation and aftercare. The team will support the Government of
India in initiating, attracting, facilitating, fast tracking and
handholding Japanese investments across sectors. The team will also be
responsible for providing updated information on investment
opportunities across sectors, in specific projects and in industrial
corridors in particular. In addition, the "Japan Plus" team will
identify prospective Japanese companies, including, Small and Medium
Enterprises (SMEs) and facilitate their investments in India.
The "Japan Plus" team will also provide assistance to DIPP in
undertaking regular benchmarking studies, identifying bottlenecks and
areas of concern in sectors of interest to Japanese companies, and
analyzing their impact on industrial development production in India.
"Japan Plus" has been operationalized w.e.f. October 8, 2014. "Japan
Plus" will be coordinated by Mr. Kenichiro Toyofuku from METI and will
comprise of four Indians and two Japanese officials. "Japan Plus" can be
reached at japanplus@nic.in and at k.toyofuku@nic.in
Government has also constituted a Core Group chaired by Cabinet
Secretary on India-Japan Investment Promotion Partnership. This group
will comprise of Chairman, Railway Board; Foreign Secretary and
Secretaries of DIPP, Economic Affairs, Expenditure, Financial Services,
Revenue, Commerce, Urban Development, Electronics and Information
Technology and others. The Core Group will be serviced by Department of
Industrial Policy & Promotion. This Core Group will co-ordinate and
closely monitor the process to ensure that investments from Japan as
envisaged in India–Japan Investment Promotion Partnership are
facilitated in various sectors and opportunities of investment and
technology transfer are fully exploited.
During the recent visit of the Prime Minister to Japan, the
India–Japan Investment Promotion Partnership, as part of the Tokyo
Declaration for India – Japan Special Strategic and Global Partnership
was announced. Under this Investment Promotion Partnership, Japan has
offered to invest in India approximately 3.5 trillion Yen (US $ 33.5
Billion) by way of public and private investment and financing including
Overseas Development Assistance, over the next five years.
India has been rated as the top investment destination by JBIC for the
long term. Japan is the 4th largest FDI contributor to India, with
major interests in pharmaceuticals, automobiles and services sectors and
accounts for 7.46% of total FDI equity inflows into India. As per the
JBIC survey report on overseas business operations by Japanese
manufacturing companies, 90% of the respondents voted "future growth
potential of local market" as the top reason for India's attractiveness.
India is an attractive investment destination for Japanese companies,
with 1,072 Japanese companies having 2,542 business bases in India. Over
the last decade, the number of Japanese establishments in India have
increased by 11 times, reflecting the positive sentiments of Japanese
investors for Indian market.
|
