Prime Minister Shinzo Abe on Friday urged Indian industry to invest in Japan even as he highlighted Japan’s interest in the development of India’s infrastructure.
“Japan is going to realise a GDP growth of about $100 trillion. So I want you to come and see a rejuvenated Japan. Like PM Modi, I will also tell you, come, invest in Japan,” he said.
Abe was addressing a seminar on India-Japan Innovation jointly organised by Confederation of Indian Industry (CII) and Japan External Trade Organization (JETRO).
“Common to all of PM Modi’s initiatives – Skill India, Digital India, Smart City – is protection of people, taking care of them and in return taking care of your customers. This is the key to growth,” he added.
“If Shinkansen – the bullet train – starts plying in India then the distances between cities will be shorter contributing to growth with pollution-free technology. We have made financing easier for Indian businesses. We have all resources available for them,” Abe said. “India and Japan should cooperate more in innovation,” he added.
Abe, who is a on a three-day visit here, will be holding the Annual Summit meeting with Prime Minister Narendra Modi on Saturday. Prior to that, both leaders will also be meeting business leaders and captains of Indian and Japanese industry.
The Japanese Premier, who last visited India in January 2014, is accompanied by a high-powered delegation consisting of NEC Corporation, Fujifilm, East Japan Railway, Hitachi Ltd. and LIXIL Corporation among others.
Japan and India are expected to sign a $15-billion bullet train project.
This will be set up between Mumbai and Ahmedabad. The announcement will be made by both the leaders on Saturday. Abe will be addressing the business community again on Saturday along with Modi. Later in the day both leaders will hold the Annual Summit meeting before leaving for Varanasi together.
Two-way trade between India and Japan stood at $15.51 billion in 2014-15 from $13.72 billion in 2010-2011 when both sides had signed the Comprehensive Economic Partnership Agreement (CEPA). Even under the CEPA, while imports from Japan to India have risen sharply, exports from India to that country have not witnessed a proportionate rise.
In fact in the last fiscal, exports to Japan from India contracted 21 per cent to $5.38 billion compared to $6.81 billion in 2013-14.