New Delhi(PTI): On the economic front, Japanese Prime Minister Shinzo Abe said that the two countries would like to work closely as it will benefit both.
“Strong Japan is good for India and strong India is good for Japan… I hope economic ties between our two countries will be even closer,” Abe said.
Further, Modi said, “Japan Plus” initiative that began last year in India as a policy experiment, is also doing well. India wants not only high-speed trains, but also high-speed growth, he added saying, Indo-Japan business forum has discussed various opportunities between the countries.
Recommendations given by the forum will be actively considered by the Indian government, Modi said.
Economies of both the countries are showing signs of improvement amidst global slowdown, he said, adding that, “Japan economic analysis which came Friday was very encouraging.
Even India’s manufacturing number was 10.6% and 9.8% Index of Industrial Production (IIP) indicates growth.”
Modi said there is a need to move forward, taking advantage of the strength of human resources and technological base.
He added that the strategy adopted to improve India’s position in the ‘Ease of Doing Business’ rankings, policy decisions and their effective implementation are now showing results.
Bilateral trade between the two countries stood at $15.51 billion (approximately Rs 10.35 lakh crore) in 2014-15 as against $16.29 billion (approximately Rs 10.87 lakh crore) in 2013-14.
India received $19.16 billion (approximately Rs 12.79 lakh crore) Foreign Direct Investment (FDI) from Japan during April 2000 and September 2015.
Speaking after the meeting, Maruti Suzuki chairman R C Bhargava said the company will export ‘Baleno’ at the moment.
When asked about the target, Bhargava said, “We expect to export 20,000 to 30,000 in a year.” However, he added that exporting automobiles to Japan is not an easy task.
Apollo Tyres chairman Onkar S Kanwar said Japanese companies have committed investment in infrastructure sectors including power.
Highlighting the technological prowess of Japan, Confederation of Indian Industry (CII) past president Ajay Sriram said there is a lot to learn and there is a high mutual access between both the countries, which will be beneficial for investment in India.
Other business leaders who attended the meeting included Bharti Enterprises chairman Sunil Bharti Mittal, ICICI Bank MD Chanda Kochhar, Essar Group chairman Shashi Ruia, CII president Sumit Mazumder, Federation of Indian Chambers of Commerce and Industry (Ficci) president Jyotsana Suri and the Associated Chambers of Commerce and Industry of India (Assocham) president Sunil Kanoria.