Japanese firm looking to invest $9 billion in Andhra

Mayewaka, a leading manufacturing firm of Japan, is looking to invest $8-9 billion in Andhra Pradesh.

This was conveyed by company's chairman Yoshiro Tanaka during a meeting with Chief Minister N. Chandrababu Naidu here Thursday.

They discussed the areas of collaboration between the state government and the company, said a statement from the chief minister's office.

Tanaka explained that the company can support the state in bringing about technological improvements in the food processing sector of the state. He added that Mayewaka will seek Official Development Assistance (ODA) with Japanese government agencies such as METI, MAFF, JBIC, JETRO and JICA.

He told Naidu that Mayekawa has already tied up with 24 potential companies, who are the customers of their technology in Japan and they want to bring them to invest in Andhra to develop a mega food park.

The state government and Japanese firm agreed to mutually identify the products which have the potential for processing and export from Andhra Pradesh. The state will do research on the quality requirements for exporting food products to Japan.

Initially, Andhra can start exporting fish, rice, poultry and milk-based products to Japan.

An agribusiness group will be set up by the state government involving CII and Mayekawa to attract Japanese investors to the state, the statement added.