INDIA/FILE: India and Japan to hold a summit in Tokyo city in September to usher in a new era of bilateral ties

Record ID: 1375091

  • Title: INDIA/FILE: India and Japan to hold a summit in Tokyo city in September to usher in a new era of bilateral ties
  • Date: 13th August 2011
  • Summary: TOKYO, JAPAN (ORIGINALLY 4:3) (RECENT) (REUTERS) ***FLASH PHOTOGRAPHY*** UNIDENTIFIED INDIAN OFFICIAL SIGNING DOCUMENT SEATED UNIDENTIFIED JAPANESE OFFICIAL OFFICIALS EXCHANGING DOCUMENTS OFFICIALS SHAKING HANDS
  • Embargoed: 28th August 2011 09:28
  • Keywords:
  • Location: India, India
  • Country: India
  • Topics: International Relations,Politics
  • Reuters ID: LVA4KLFJPUQUJ6OHVGR6ITVNQNUO
  • Aspect Ratio: 4:3
  • Story Text: Indo-Japan bilateral ties will be strengthened when the two nations' industry leaders, policy makers, academicians and researchers meet at the India-Japan Global Partnership Summit in Tokyo scheduled September 5 and 7.
    The two countries signed the Comprehensive Economic Partnership Agreement (CEPA) on February 16 in Tokyo and exchanged diplomatic notes on June 30.
    The agreement has the aim of providing greater access to bilateral markets and almost doubling the bilateral trade from 12.6 billion U.S. dollars to 25 billion U.S. dollars by 2014.
    Organised by the India Center Foundation to mark the 10 years of the announcement of India Japan Global Partnership Agreement, the summit will allow strategic ventures, alliances and partnerships to create a new socio-economic framework.
    According to the Indian business fraternity, the deal would allow India to use Japanese investments, technology and management practices more effectively and efficiently.
    "Japan is extremely important to Indian industry. It is important for technology, it is important for raising funds, it is important for making the business connections, it is important for providing global avenues for our products and for jointly working together to create more markets for Indian companies," said Rajesh Shah, co-chairman and managing Director of Mukund Ltd.
    The summit will include an India-Japan Expo and five concurrent forums, including business, academic, policy, youth and cultural forums for non-governmental initiatives.
    Among those extending support to the initiative at the occasion were Yoshiro Mori, Shinzo Abe and Yukio Hatoyama, former Prime Ministers of Japan.
    Indian businessmen are of the view that Japan's innovations along with India's abundant manpower and strong scientific, technical knowledge will form an alliance that could transform challenges into opportunities.
    India, a developing country with a rapidly growing economy, has a lot to gain from key ally Japan, the world's third largest economy.
    In agriculture, infrastructure building, auto manufacturing and small and medium enterprises (SMEs) - there are huge opportunities which can be availed by both India and Japan if they work together.
    In an annual survey conducted in mid 2010 by the Japan Bank for International Corporation, India, for the first time, topped the list as the most attractive investment destination, overtaking China.
    The survey showed that 74.9 per cent of 605 Japanese companies preferred India as their investment destination over the next 10 years.
    "If our wisdom and our challenges our execution powers and our energies come together, why want to limit to only small platform like India or to a small platform like Japan. World is ours. We can go to every country and just see if they like our idea. If they like, they will subscribe-If they subscribe, we can always ask them - can we empower you somehow," said Vibhav Kant Upadhyay, founder and director-general of IJGPS, and chairman of the India Center.
    Japan is looking at India's growing market, acquisitions in the IT and banking sectors.
    Japanese Small and Medium Enterprises (SMEs) in diverse sectors like electronic component, logistics, and education are considering long-term investments in India, particularly in Delhi-Mumbai Industrial Corridor (DMIC) belt, a mega infrastructure project of $90 billion with the financial and technical aid from Japan.
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