TN signs Letter of Intent with Japan

Tamil Nadu and Japan today signed a Letter of Intent (LoI) which would facilitate more Japanese investments into the state.

Principal Industries Secretary Rajeev Ranjan and Hidenobu Teramura, Director, Financial Corporation Division, Ministry of Economy Trade and Industry, Government of Japan, signed the LoI.

Welcoming the latest initiative between the two entities, Deputy Chief Minister M K Stalin said that of the 725 Japanese companies present in India, 300 are located in the state.

"Today, bilateral relations between India and Japan are very strong and is marked by mutual goodwill, amity and respect. With the proposed signing of the Comprehensive Economic Partnership Agreement between our two countries our economic relations will further improve and deepen significantly," he said.

 

Stalin said a recent survey had put Tamil Nadu on top of other states in Economic Freedom and said it had earned the tag of the "most investor friendly state."

"The government of Tamil Nadu is determined to provide world class infrastructure to the people of Tamil Nadu and there is a vast scope for massive investment in core infrastructure," he added.

With today's initiative, investment in Tamil Nadu will receive further boost, he added.

Hideichi Okada, Vice Minister, International Affairs, Ministry of Economy Trade and Industry, Government of Japan, said good labour and Chennai's strategic location on the Bay of Bengal were some of the reasons that Tamil Nadu attracted large foreign investment.

He "expected tens of thousands of cars" (of Japanese automakers such as Nissan) being exported from Ennore port near the city soon.

Saying rapid growth brought challenges such as pollution and shortage of power supply, Okada said his country had faced similar problems, but solved them through technology.

"Technology is the key for making growth environment compatible. We are ready to share the lessons learnt in this regard and work with the people of Tamil Nadu," he added.

Akira Sakurai, Chief Executive Officer, Renault Nissan Automotive India Pvt Ltd, said today's LoI between Tamil Nadu and Japan will attract more entrants from Japan to invest in Tamil Nadu.