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| Japan keen to fund Chennai-B'lore corridor |
| BS Reporter / Chennai/ Bangalore Jun 26, 2010, 00:23 IST |
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The government of Japan is keen to extend financial assistance to the proposed Chennai-Bangalore corridor project. “This project is another strategic area from our point of view. Big Japanese companies like Toyota are already here, and the Chennai area is also attracting a lot of Japanese investments. We will soon work out the exact amount of financial assistance the Japan government will provide for this project,” Hideaki Domichi, Japanese Ambassador to India said.
The Tamil Nadu government had mooted the corridor project more than two years ago on the model of Delhi Mumbai Industrial Corridor (DMIC). Both Tamil Nadu and Karnataka governments have done several surveys involving IL&FS and iDeCK (Infrastructure Development Corporation Karnataka Limited) to know the feasibility of the project.
The Karnataka government, however, has recommended extension of the project up to Mumbai to get full benefit along the proposed Suvarna Karnataka Industrial Corridor passing through NH-4. Japan External Trade Organisation (JETRO) has shown interest in this project.
Addressing the 33rd annual general meeting of Bangalore Chamber of Industry and Commerce (BCIC), here on Friday, Domichi said the Japanese government is committed to extend financial assistance to this project.
“We are insisting that this corridor project is extended upto Mumbai and also include Mysore so that Karnataka is benefited out of this. We are talking with the government of Tamil Nadu and the Centre. Some feasibility studies are going on presently,” V P Baligar, principal secretary, industries and commerce, government of Karnataka said.
The prime minister’s office is learnt to have tentatively approved the extension of Chennai Bangalore corridor upto Mumbai.
Meanwhile, the Andhra Pradesh government has also shown interest in this project as some part of AP like Nellore is included in the project. As part of this project, an 8-lane expressway is approved and is in the tendering process. It is expected to reduce the distance between Chennai and Bangalore by 50 kms. Presently the distance is 335 kms.
“Both the governments of Japan and India are committed to promote the ‘global strategic partnership’ under which we promote major flagship projects such as constructions of the dedicated freight corridor and DMIC. Our official development assistance (ODA) to India, especially in the form of long-term financing is the largest amounting to $2.5 billion per year,” he said.
A consortium of Japanese companies was formed under the guidance of ministry of economy, trade and industry to conduct a pre-feasibility study to introduce various technologies related to the township construction that are most modern and environmentally advanced. When proved that these technologies are applicable, they will be introduced in promoting DMIC, he said.
Domichi said more and more Japanese companies are looking for partners in India for their business expansion. “In order to succeed the Japanese firms should bring their best technologies, not the second rate, modify them to suit the Indian market if necessary, form good partnerships and make India a hub for their global strategies,” he said.
Japan Chamber of Commerce and Industry is planning to soon send a delegation to India jointly with the Australian counterpart to explore the ways to participate in public private partnership projects, he added.
K R Girish, the outgoing president of BCIC said both India and Japan need to forge a stronger partnership through economic cooperation, trade and investment.
Baligar said the Karnataka government has acquired close to 4,000 acres land at Mulbagal, Kolar and Hoskote on the proposed Chennai-Bangalore corridor for development of dedicated industrial parks.
The government has acquired 1,200 acres in Mulbagal to promote granite industries hub, 800 acres for a general engineering park at Kolar and 1,200 acres at Hoskote for general engineering industries.
The Japanese government is also proposing to introduce “smart communities” along DMIC.
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