Tremendous scope for Japanese banks, pension funds to invest in India: Suresh Prabhu

NEW DELHI: There are huge opportunities for Japanese banks and pension funds to invest in India with a view to further strengthen economic ties between the two countries, former Union Minister Suresh Prabhu said on Thursday. India and Japan can forge a close relationship in many sectors, including railways, metro and infrastructure, he said.

"Japanese companies have a presence in India. But there is a tremendous scope for Japanese banks and pension funds to invest in India. We can work on that more aggressively and take it forward," Prabhu said during a webinar.

Japan will be the right partner and India will be the right destination for setting up manufacturing companies by Japanese businesses, he added.


"Japan can also participate in India's infrastructure growth in a very significant way. We feel that India should now be the next growth story from the Japanese perspective. We can do together a lot more," Prabhu, who is also Prime Minister Narendra Modi's sherpa for the G20 summit, said.

Talking about cooperation in agriculture sector, he said India can increase exports of dairy, marine, horticulture produce, and meat to Japan.

"There is a possibility that we can work on more areas which will benefit Japan by importing from India, and we can have higher standards for food," Prabhu said.

Further, India can train people to take care of "old and needy" in Japan as the country has the highest life expectancy.

India already has a free trade agreement with Japan.