Indo Japanese bi-lateral trade, which was hardly two per cent of India's total trade, was 'paltry' and needs to be increased, Japanese Ambassador to India Takeshi Yagi said.
"Indo-Japanese bi-lateral trade was a paltry USD 20 billion or 2 per cent of India's total trade, which is far below the potential," he told reporters here last night.
The economic relation between Japan and India had been expanding from strength to strength. The number of Japanese companies in India had reached 1,072 last year.
He said though there were 15 Japanese companies operating in Kerala, the number of branches set up by Japanese companies had almost doubled from 53 to 105 in the past one year.
"This shows that Japanese companies are establishing stronger foothold in recognising its vast potential. The complementarity of our two economies that is the technology and finance of Japan and human resources of India made us natural partners," he said.
In Kerala IT and tourism industries are the engines of growth of the economy.
The Ambassador later inaugurated the Indo Japan chamber Kerala (INJACK).
T Balakrishnan, President of the chamber said that the organisation will act as a catalyst for strengthening trade relations, promote bi-lateral trade, facilitate investment and technology transfer, joint ventures, business collaborations and strategic tie-ups.
INJACK will focus on strengthening opportunities for businesses in Kerala to form strategic partnerships and joint ventures with business entities in Japan, he added.
