Lot of scope in expanding Indo-Japan trade

The ‘Make of India’ programme of the Government has spurred strong competition among Indian States in improving the ease of doing business in order to attract investments and drive the economies of their regions.

This was stated by Mr. Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP), Government of India, while addressing the 41st Joint Meeting of India-Japan Business Cooperation Committee (IJBCC) in New Delhi.

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From left, Mr. Rohit Relan, Co-Chairman, IJBCC, and Managing Director, Bharat Seats Ltd., Dr. Jyotsna Suri, Immediate Past President, FICCI, and CMD, Bharat Hotels Ltd., Mr. Kenij Hiramatsu, Ambassador of Japan to India, Mr. Onkar S. Kanwar, IJBCC Chairman, and Chairman, Apollo Tyres Ltd., Mr. Masami Iijima, Chairman, Japan-India Business Cooperation Committee, and Chief Executive Officer & President of Mitsui & Co. Ltd., Mr. Ramesh Abhishek, DIPP Secretary, and other dignitaries during the release of report on India-Japan- A Snapshot of Economic and Investment Relations at 41st Joint Meeting of India-Japan Business Cooperation Committee (IJBCC) in New Delhi

Mr. Abhishek said that as many as 16 States of India had scored over 80% in the World Bank- DIPP ranking of States based on 340 parameters on ‘Ease of Doing Business’.

FICCI, on its, part has decided to open a ‘FICCI India Plus’ office in Japan, which will be launched soon. The office is expected to be of great help to Japanese companies interested in doing business in India and vice versa.

Mr. Amitabh Kant, CEO, NITI Aayog, urged Japanese companies to rapidly move into the Indian market as the process of infrastructure creation and reforms will throw up ample opportunities for investment. Japanese companies, he said, must learn from Maruti’s India story which has brought in a culture of manufacturing excellence to India.

Mr. Onkar S. Kanwar, IJBCC Chairman, and Chairman, Apollo Tyres Ltd., said that there is a lot of scope in expanding our trade in services. In Information Technology, India has already emerged as a global hub and has a vast reservoir of intellectual capital. There is a lot of potential for bilateral cooperation in this sphere. The implementation Social Security Agreement between India and Japan from October 1, 2016 will favorably impact the profitability and competitive position of Indian and Japanese companies with foreign operations in either countries by reducing their cost of doing business abroad.

On the occasion, the DIPP Secretary and other dignitaries released a Report on India-Japan: A Snapshot of Economic and Investment Relations by Shardul Amarchand Mangaldas & Co.

Mr. Masami Iijima, Chairman, Japan-India Business Cooperation Committee (JIBCC), and Chief Executive Officer & President, Mitsui & Co. Ltd., in his remarks, pointed out that that Japan and India have called for a special strategic global partnership and noted that as of October 2015, 1,229 Japanese companies have come to India. He said there was an overall improvement in the business environment in India and the passage of the GST Bill in Parliament holds out great hope for making the business environment more friendly.

Mr. Kenji Hiramatsu, Ambassador of Japan to India, said that it was important for Indian companies to establish site offices in Japan and Japanese companies must be convinced of India’s efforts at de-regulation of Indian business.

Mr. Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki Ltd., noted that global investors were now focusing their sights on India. The landmark taxation reform by way of introduction of the GST next year was the new buzzword which was being keenly watched by businesses around the world.

Mr. Rohit Relan, Co-Chairman, IJBCC, and Managing Director, Bharat Seats Ltd., said that there were huge opportunities for Japanese companies in India in manufacturing areas including auto components and “I hope Japanese businesses will take a closer look at these avenues for enhancing their activities and presence in India,” he said.

– Onkar S. Kanwar, IJBCC Chairman