India, Japan Discuss Ways of Increasing Bilateral Trade, Investment
India on Friday said Japan is a "natural partner" in achieving the goal of increasing the share of manufacturing in GDP to 25 percent in the coming years.
PM Narendra Modi and PM Shinzo Abe on-board the Shinkansen bullet train to Kobe. (Photo: PIB)
New Delhi: India on Friday said Japan is a "natural partner" in achieving the goal of increasing the share of manufacturing in GDP to 25 percent in the coming years.
Both the countries discussed ways of increasing bilateral trade and investments during a day-long conference in Nagoya in Japan.
A business delegation led by Commerce and Industry Minister Nirmala Sitharaman participated in that event.
"India wants to increase the contribution of manufacturing sector to GDP to 25 per cent and Japan is a natural partner in our goals," an official statement quoting Sitharaman said here.
Currently, the manufacturing sector contributes about 17 percent to the country's GDP.
The government is taking steps such as improving ease of doing business and relaxing FDI norms to boost the sector.
Sitharaman also met Governor of Aichi Prefecture Hideaki Ohmura in Nagoya.
Hideaki acknowledged that the India Conference will further encourage the companies in Aichi Prefecture to invest in India.
Japan said although it is the third largest foreign investor in India (USD 25.2 billion during the April 2000 December 2016), behind Mauritius and Singapore, it can be considered a top investor as the other two countries are used by companies from across the world to route investments.
Sitharaman urged the Governor to consider diversification of investment in other sectors such as food processing, textiles, medical equipment, electronics and IT in India.
The minister invited Hideaki to lead a delegation of Japanese companies to MSME clusters in India to explore partnership and investment opportunities.
At the conference, Secretary DIPP Ramesh Abhishek highlighted the unparalleled opportunities and advantages that investors could leverage by making in India.
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