India, Japan ink action agenda to boost trade, investment
India and Japan have signed a Five-point action agenda to increase bilateral trade and investment between the two nations.
The action agenda was signed between Japan’s Minister for Economy, Trade and Industry Yoichi Miyazawa and Minister of State (independent charge) for Commerce and Industry Nirmala Sitharaman.
The five-point agenda includes
- Development of selected townships in India as Japanese industrial townships.
- Promotion of investment and infrastructure development.
- Further development and cooperation in IT sector.
- Enhancing cooperation in strategic sectors.
- Asia-Pacific economic integration.
This five-point action agenda is a follow-up of Prime Minister Narendra Modi’s visit to Japan in 2014 and will play important role in improving the trade relationship between India and Japan.
It also comes in line with Union Government’s flagship Make in India programme as it will further increase investments from Japan into the India’s manufacturing sector.
It should be noted that Japan is the fourth largest foreign direct investment (FDI) contributor to India. It’s major FDI interests is in automobiles, pharmaceuticals and services sectors which accounts for 7.46 per cent of total FDI equity inflows into India.
Categories: Business & Economy Current Affairs 2017