Japan plans to double its investments in India in five years to over $35 billion, develop exclusive Japanese townships in the country and intensify cooperation in information technology, Japanese Minister of Economy, Trade and Industry Yoichi Miyazawa said on Thursday.

Furthering trade Miyazawa and Commerce & Industry Minister Nirmala Sitharaman signed a five-point agenda for furthering trade and investment ties between the two countries and encouraging Asia-Pacific economic integration.

Japan is the fourth largest investor in India with about $17.9 billion worth of investments currently.

Doubling this in five years, as targeted, would increase Japanese investments to more than $35 billion and probably push the country up to the second or third place, after Mauritius and Singapore.

The agenda includes developing Japanese industrial townships, promoting infrastructure and investment development, further development and cooperation in information technology, enhancing cooperation in strategic sectors, and further concentrating on Asia-Pacific economic integration, Miyazawa said at a press conference after signing the agenda.

“This (action agenda) is in line with Prime Minister Narendra Modi’s vision of Make in India,” said Sitharaman at the briefing.

India-Japan bilateral trade in April-February 2014-15 was around $15 billion, with India’s exports at $5 billion and imports at about $9.3 billion.

Facilitating investment The Department of Industrial Policy & Promotion (DIPP) set up a Japan Plus team in the Ministry in October to facilitate flow of investments from the country.

The team, comprising officials and experts, helps Japanese companies get through various approval processes and explain relevant procedures.

Japan is a prominent investor in the Delhi Mumbai Industrial Corridor Project and is also in talks for funding other corridors in the country.

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