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The Commerce and Industry Minister, Mr Anand Sharma, has proposed the establishment of a $9 billion-‘revolving fund' with matching contribution from India and Japan to kick start the implementation process of the $100-billion-Delhi Mumbai Industrial Corridor Project, an official statement said on Tuesday.
The statement said Mr Sharma's proposal came in response to the Japanese Prime Minister, Mr Naoto Kan's call for a partnership in the development of India's infrastructure, especially the DMIC project.
During the 20-minute long meeting with Mr Sharma in Tokyo on Tuesday, the Japanese Premier agreed to enhance the financial contribution of Japan and was receptive to Mr Sharma's proposal, the statement added.
Mr Sharma highlighted the importance attached by India to the DMIC project, which has now decisively moved from the stage of master planning to project implementation. The project is being seen as a flagship initiative of India-Japan partnership, the statement said.
On Wednesday, Mr Sharma will hold bilateral meetings with the Japanese Minister of Economy, Trade and Industry, Mr Banri Kaieda, to review the progress of DMIC project. He will interact with top Japanese CEOs to seek Japanese investments in India in DMIC and in other areas of priority as identified at the Summit level interaction between the Prime Ministers.
Mr Sharma called for greater Japanese investments in India's infrastructure and capital goods equipment sector including power generation where Japanese companies have a technological edge. Meanwhile, Mr Kan underscored the significance of India-Japan technology collaboration for research and innovation.
Mr Kan expressed satisfaction on the conclusion of negotiations for an India-Japan Comprehensive Economic Partnership Agreement (CEPA), which will be inked on Wednesday.
Mr Sharma said that India viewed its partnership with Japan as a ‘strategic engagement' in the region and in the global context.
This would be central to the vision of Asian integration articulated by the Prime Minister, Dr Manmohan Singh, he said. Mr Sharma is in Tokyo on a two-day visit, accompanied by a high level official delegation including the Commerce Secretary, Mr Rahul Khullar, and a CII CEO's delegation led by CII President, Mr Hari Bhartia.
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