Anand Sharma meets Japanese PM Shinzo Abe

Commerce, Industry and Textiles Minister Anand Sharma, who is on a two-day visit to Tokyo for a comprehensive review of bilateral economic engagement with Japan, today called upon Japanese Prime Minister Shinzo Abe.

During the meeting, Sharma apprised the Japanese prime minister of the progress made in the implementation of the Delhi Mumbai Industrial Corridor (DMIC) project, which was conceptualised in the 2007 visit of Abe to India.

Abe expressed satisfaction on the amount of work put into the project and mentioned that Japanese companies are looking forward to partner with India in project implementation.

Japan has already committed USD 4.5 billion in the first phase of project implementation. The Government of India has committed an equal amount for development of trunk infrastructure for creation of new industrial townships along the corridor.

Sharma informed the Japanese Prime Minister that currently Japan has already taken 26 percent equity in the Delhi Mumbai Industrial Corridor Development Corporation creating a new paradigm of economic cooperation based on collaboration in innovation, technology and manufacturing under the framework of the strategic global partnership between the two countries.

Sharma mentioned that India was looking forward to welcoming the Emperor and Empress of Japan to India during this year.

Sharma also met Japanese Foreign Minister Fumio Kishida and expressed satisfaction on the healthy growth of trade after the signing of Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

However, he flagged concerns of India relating to mounting trade deficit and specially urged for market access for Indian agricultural and marine produce and Indian pharmaceuticals. The Japanese pharma market is projected to grow to USD 100 billion and Indian generics can play a key role in providing affordable healthcare.

Sharma also met the Japanese Minister of Economy Trade and Industry, Toshimitsu Motegi, which provided an opportunity for a comprehensive review of the DMIC project including the implementation of the early bird projects.

Top Japanese company CEOs, including those from Mitsubishi, Hitachi, New Energy and Industrial Technology Development Organization (NEDO) made a detailed presentation to Sharma on the progress of the project implementation.

The CEO of Japan Bank of International Cooperation (JBIC), Hiroshi Watanabe also met Sharma assuring him of full financial support for the DMICDC project and other infrastructure projects in India.