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‘India-Japan partnership must focus more on trade, tech’
Our Bureau
New Delhi, Aug. 20 India-Japan partnership should focus more on trade, investment and technology with prominence to economic interest, said Mr Dinesh Sharma, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry.
At a meeting on India-Japan partnership organised by the Confederation of Indian Industry on Monday, Mr Sharma said that economic interest should overcome the political interest to build up relationship and formulate trade policy with Japan. He said that India and China are being looked as major emerging economic power and India should maintain a balance in the relationship with both Japan and China.
Portfolio investment
The India-Japan relationship has so far been led by the Japanese initiative in providing development assistance, said Mr Suman Berry, Director General, National Council for Applied Economic Research.
Japan has shown interest in portfolio investment but foreign direct investment (FDI) and trade has been substantially below expectations, he said. Japanese manufacturing skill can create a platform for India to meet the global expectations.
There is an evolved mechanism of economic involvement, which can formulate regional trade architecture, added Mr Berry. He also mentioned that India has to find a way to be part of ASEAN – Japan integration to take the advantage of the regional economic development.
Japan’s FDI to India will amount to around $5.5 billion over five years from 2006 to 2010 only by totalling 27 FDI projects, said Mr V.K. Mathur, CMD, Inapex Pvt Ltd. He said that Dedicated Freight Corridor and Delhi–Mumbai Industrial Corridor of two Governments will lead the economic partnership of two countries to a new trajectory of intensive growth.
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