Industry & Economy
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Foreign Direct Investment
`Japanese FDI in manufacturing to boost bilateral trade'
Our Bureau
New Delhi
,
Nov. 22
THE Japanese Ambassador to India, Mr Yasukuni Enoki, on Tuesday said that he does not expect a "sharp increase" in bilateral trade over the few next years.
He however felt that the planned foreign direct investment (FDI) of over $1.5 billion (in three years) by Japanese companies in manufacturing activities in India would help stimulate bilateral trade. The two-way trade stood at about $5 billion last fiscal.
"I don't expect spectacular increase in bilateral trade as being seen in India-China bilateral trade. This is because the trading structure between Japan-India is different from China-India and Korea-India," Mr Enoki said at a press conference.
He said that a large part of trade between Japanese companies and India are counted as India-Asean trade and not as India-Japan trade. This is because the manufacturing facilities of many Japanese companies are located at Thailand and it is from these locations that goods are exported to India.
He also said that Japan was awaiting the visit of Prime Minister, Dr Manmohan Singh, next year and felt that this should mark another good leap for bilateral relations.
He expressed hope that the final report of the Joint Study Group (JSG) would recommend the signing of a comprehensive economic cooperation agreement (CECA) between India and Japan. So far, the JSG has completed two rounds of meetings and there are two more rounds to go before the final report is prepared.
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