By Accommodation Times News Services
Government establishes 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. The system is set by Department of Industrial Policy & Promotion (DIPP) and it will look after the operations of the team.
As 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 email@example.com and at firstname.lastname@example.org
Government has also constituted a Core Group chaired by Cabinet Secretary on India-Japan Investment Promotion Partnership.
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.