Economy

Karnataka signs pact with Japan's Mizuho Corporate Bank

| Updated on: Apr 19, 2012

Invites Japanese corporates for Global Investors Meet

Karnataka has signed a memorandum of understanding (MoU) with Mizuho Corporate Bank of Japan.

A high-level delegation from Karnataka, led by Mr Murghesh Nirani, Minister for Large and Medium Industries, which is conducting road show in Japan to attract investments for the forthcoming Global Investors Meet in June, met senior officials of Mizuho Corporate Bank.

The MoU for mutual co-operation and investment promotion was signed between Karnataka Udyog Mitra and Mizuho Corporate Bank.

Mizuho has expressed its interest in establishing their bank's branch in Bangalore to meet the financial needs of Japanese and other companies in the state and is awaiting clearance from the Reserve Bank of India.

Speaking at the road show, the representative from Honda shared their experience in setting up their project in Karnataka. Lauding the co-operation of the State government, their proposed two-wheeler project was approved in a record time of 60 days and is expected to commence commercial production in 16 months.

Mr Nirani also had a meeting with the management teams of Honda, Toyota and Sony and encouraged them to continue their association with the state.

The Minister also met several other Japanese companies such as Mitsubishi, Hitachi, East Nippon Expressway Company and Daikin Fluoro Chemical Products among many others.

The Minister promised full support for their future investment proposal and requested the companies to explore North Karnataka for their future expansion.

Delegation from Karnataka comprised senior officials from the industries, tourism and energy departments.

The delegation in Tokyo met officials from Ministry of Economy Trade and Industry, JETRO and also Ministry of Foreign Affairs over the course of two days.

The delegation also invited investment from Japan in industrial infrastructure; railway projects on PPP mode, Mr.Nirani welcomed Japanese expertise in consultancy and execution of rail and road projects.

Mr Nirani also invited a delegation from Japan to come for the Global Investors Meet (GIM) and participate in the expo during the event. The discussion showed that Japanese companies are keen to invest in Karnataka in view of the favourable business climate and proactive governance there.

Some companies evinced interest in start up new operations in the state. Over 150 companies attended the road show held by Karnataka in Tokyo.

> anil.u@thehindu.co.in

Published on November 15, 2017

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