India and Japan sign action plan for investment and trade promotion

NEW DELHI: In a bid to strengthen economic ties, India and Japan on Thursday signed an action agenda for boosting investment and trade. Commerce Minister Nirmala Sitharaman and Japanese Minister of Economy, Trade and Industry Yoichi Miyazawa signed the action agenda for India-Japan investment and trade promotion and Asia-Pacific economic integration.

Nirmala Sitharaman said that signing of action agenda was in line with Prime Minister Narendra Modi's vision of Make in India. She expressed satisfaction on the progress of trade relationships between India and Japan and said that "excellent relations" were building up between the two countries which would provide opportunity and potential for people in both the countries as a win-win situation.

Speaking on the occasion, the Japanese Trade Minister Yoichi Miyazawa said that the action agenda contains five items that are absolutely integral in furthering the trade relations between Indian and Japan,

The five agenda points included in the action agenda are:

1) Development of selected townships in India as Japanese industrial townships.

2) Promotion of investment and infrastructure development.

3) Further development and cooperation in information technology.

4) Enhancing cooperation in strategic sectors.

5) Asia-Pacific economic integration.

The Japanese Minister said that the investments by Japan into Indian companies will double in the next 5 years. He said that signing of this action agenda is a step further in improving the trade relationship between India and Japan as a follow-up of Prime Minister Narendra Modi's visit to Japan last year.

Sithraman said that the interaction with Japanese Trade Minister involved not only both the countries but also had partnership and dialogue between private sector of the two countries represented by a strong delegation CEOs from both the countries.