Japanese Investors Must Target Indian Core Sector
Japans finance minister Hiroshi Mitsuzuka yesterday agreed with his Indian counterpart P Chidambaram that Japanese investment in India should target key infrastructure areas like telecom and power.
The two ministers, attending the 30th annual meeting of the Asian Development Bank in the western Japanese city of Fuku- oka, met to review economic relations between India and Japan.
Chidambaram told Mitsuzuka that Japanese institutional inves- tors were now taking greater interest in India and made a special plea to the Japanese finance minister to help catalyse Japanese investment into key infrastructure areas like telecom and power in India.
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Mitsuzuka promised to follow up the Indian request with the Japanese ministry of international trade and industry as well as Japanese private sector industries. The Japanese finance minister urged India to control fiscal deficit, saying it should be regarded as a priority task.
Mitsuzuka and Chidambaram also agreed that the 1998 meeting of the India Development Forum would be held in Tokyo.
At this forum meeting, donor countries review Indias development programmes and policies and make their pledges for aid to India.