INDIA: Japanese Prime Minister Yoshihiko Noda calls for greater economic and infrastructural relations with India

Record ID: 1377118

  • Title: INDIA: Japanese Prime Minister Yoshihiko Noda calls for greater economic and infrastructural relations with India
  • Date: 29th December 2011
  • Summary: NEW DELHI, INDIA (DECEMBER 28, 2011) (ANI - NO ACCESS BBC) JAPANESE PRIME MINISTER YOSHIHIKO NODA AND HIS INDIAN COUNTERPART MANMOHAN SINGH SITTING SINGH AND NODA SITTING NODA AND SINGH SIGNING AN AGREEMENT SINGH SIGNING NODA AND SINGH EXCHANGING DOCUMENTS (SOUNDBITE) (Japanese) JAPANESE PRIME MINISTER YOSHIHIKO NODA, SAYING: "Secondly in the economic sphere, we saw major progress on several points. First of all with regard to the Delhi-Mumbai industrial corridor, Japan shall implement in the tune of 4.5 billion U.S. dollars over the coming five years. In order to promote private investment we understand that the Indian side is possibly considering the relaxation of financial regulations" NODA AND SINGH SITTING AT THE MEDIA CONFERENCE (SOUNDBITE) (Japanese) JAPANESE PRIME MINISTER, YOSHIHIKO NODA, SAYING: "We also agreed to step up our cooperation with regard to infrastructure development in southern India. An improvement of connectivity between Chennai and Bangalore and on the high-speed railway initiative in India." NODA AND SINGH SITTING (SOUNDBITE) (Japanese) JAPANESE PRIME MINISTER YOSHIHIKO NODA, SAYING: "We have also explained to the Indian side that Japan has decided to provide a yen loan totaling 1.7 billion U.S. Dollars or 134.3 billion yen for two projects including the Delhi metro." NODA AND SINGH LEAVING
  • Embargoed: 12th January 2012 22:52
  • Keywords:
  • Location: India, India
  • Country: India
  • Topics: International Relations,Economy,Politics
  • Reuters ID: LVACVK7EV7119OKBICHD3OCXUES7
  • Aspect Ratio: 4:3
  • Story Text: Japanese Prime Minister Yoshihiko Noda on Wednesday (December 28) called for greater economic and infrastructural relations between Japan and India, two of Asia's largest economies.
    Japan is working closely with India to build a 1,483 km (920 mile) industrial corridor stretching from New Delhi to the financial hub of Mumbai in the west, that could help transform India's economic landscape and give its choked, teeming cities room to breathe.
    The corridor includes plans for 24 new cities, and Indian Commerce Minister Anand Sharma has said that the overall investment would be more than 100 billion dollars.
    Speaking in New Delhi on Wednesday (December 28), Noda said Japan had decided to implement about 4.5 billion dollars in the next five years for the ambitious Delhi-Mumbai infrastructural corridor.
    "Secondly in the economic sphere, we saw major progress on several points. First of all with regard to the Delhi-Mumbai industrial corridor, Japan shall implement in the tune of 4.5 billion U.S. dollars over the coming five years. In order to promote private investment we understand that the Indian side is possibly considering the relaxation of financial regulations," said Noda.
    Noda also revealed that Japan would work together with India over improving connectivity between the southern cites of Chennai and Bangalore.
    "We also agreed to step up our cooperation with regard to infrastructure development in southern India. A improvement of connectivity between Chennai and Bangalore and on the high-speed railway initiative in India," he added.
    India and Japan have also agreed to a 15 billion dollar currency swap line, a Japanese official had said in Delhi on December 28, in a positive move for the troubled Indian rupee, Asia's worst performing currency this year.
    An earlier 3 billion dollars arrangement came into force in 2008 but expired in June and the new deal is expected to be set at 10 billion dollars.
  • Copyright Holder: ANI (India)
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register