PM seeks Japanese investments

NEW DELHI: Welcoming the renewed interest of Japanese companies to invest here, Prime Minister Manmohan Singh on Monday sought cash inflows into more Indian projects like Delhi Metro and Dedicated Rail Freight Corridor (DRFC).

During a meeting with a Japanese delegation led by Trade and Economy Minister Akira Amari here, Singh said small and medium enterprises from Japan should be encouraged to invest in India.

Chairman of Tokyo Stock Exchange Taizo Nishimuro said Japanese companies could use Japanese Deposit Receipts (JDRs) to tap nearly $13 trillion of the country's household savings for investment in India.

Singh welcomed this new initiative and hoped the JDRs would help finance projects in the Delhi-Mumbai Industrial Corridor (DMIC).

India hopes Japanese capital, technology and enterprise will play an important role in helping the country realise its growth potential, he told the delegation which included top executives of various companies and trade organisations.

Singh welcomed the renewed interest among Japanese companies to invest in India and hoped that the country would pump money into more projects like Delhi Metro and DRFC.

Looking forward to the visit of Japanese Prime Minister Shinzo Abe here next month, Singh said "a very warm welcome awaits" him.

Referring to his trip to Tokyo last December, he said the "historic and landmark" visit had contributed to "widening and deepening" bilateral economic and business cooperation.