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India and Japan deliberate on investment opportunities at Indian Chamber of Commerce forum
Image: Pixabay

India and Japan deliberate on investment opportunities at Indian Chamber of Commerce forum

India Blooms News Service | @indiablooms | 26 Aug 2020, 06:09 pm

Kolkata/IBNS: Information Technology (IT), Information Technology Enable Services (ITES), Artificial Intelligence (AI), Machine Tools, Aerospace, Biotechnology, and Engineering Design are some of the areas where Japanese investment can flow in, said Karnataka Chief Minister B S Yeddyurappa.

He was speaking at the India-Japan Business Forum organized by the Indian Chamber of Commerce (ICC).

Karnataka CM also said that his state is committed to create a conducive climate for investors and the latest Industrial Policy 2020 is reflective of this endeavour.

In terms of ease of doing business, he said that the Karnataka government has also undertaken labour law simplification, 25 per cent capital investment subsidy on land, and a single window set up.

Addressing the Japanese investors in the forum, Yeddyurappa said that the Japanese Industrial Township at Vasanthanarasapura near Tumkuru town that focuses on heavy engineering and machine tool, automotive and aerospace components can provide huge opportunities for Japanese investment.

The state’s Principal Secretary - Commerce and Industries, Gaurav Gupta, IAS, said that two Japanese companies have sought investments in the park and many more are expected going ahead.

Ambassador Extraordinary and Plenipotentiary of Japan to India, Satoshi Suzuki, said that India should keep undertaking initiatives to become the exporter base of the region to get integrated with the global and regional supply chains.
He also remained keen about Japanese investments in India in areas of AI and IOT.

Notably, Mumbai, Gurugram, Hyderabad and Bangalore have been identified with huge potentials.

Sanjay Kumar Verma, Ambassador of India to Japan said that Japanese companies face problems in India with respect to regulatory process and business practices that he felt needs to be taken up by the Union government as well as the business community to attract more investments.

Odisha’s Minister for Energy, and Industries & MSME, Dibya Shankar Mishra, said that Odisha is no more the best kept secret and with the east coast of India saturating, the state can be a huge enabler for international investors.

In fact, he said that the state has ranked first, surpassing Maharashtra in attracting foreign investments in the first half of 2020 amid the COVID-19 pandemic.

Kazuya Nakajo, Executive Vice President, Japan External Trade Organization (JETRO) HO said that diversification and regionalization is going to be extremely crucial for India to become a part of the global value chain.

He applauded the digital expansion of India and said that manufacturing and digital services are areas where India can associate with Japan and become part of the value chains.

Abhishek Krishna, IAS, Joint CEO, Maharashtra Industrial Development Corporation (MIDC) said that Maharashtra is looking at attracting investments of USD 140 billion and creating job opportunities for four million people and Japan can be a valuable partner in this regard.

Hemant Sharma, IAS, Principal Secretary, Department of Industries, Government of Odisha and Dr. Neeraj Mittal, IAS, MD & CEO, Guidance Tamil Nadu presented investment opportunities for Japan in the event.

Also, present were Ameya Prabhu, Chairman – ICC WR Committee, MD – NAFA Capital & Partner – UAP Advisors, Hemant Kanoria, Executive Committee Member – ICC, Chairman, Srei Infrastructure Finance Limited, Chairman - India Power Corporation Ltd. (IPCL) and Mayank Jalan, President, ICC, Chairman & MD, Keventer Agro Ltd.