PM asks Japanese companies to be part of India`s growth story

Ajay Kaul
Tokyo, Oct 24 (PTI) Projecting India as a "growing and
vibrant" market, India's Prime Minister Manmohan Singh has
invited Japanese companies to be part of "our ambitious
development plans" with a promise of improving the investment
climate for foreign investors.
Ahead of his meeting with Japanese business leaders
here on Monday, Singh said a number of steps have been taken
to simplify the Foreign Direct Investment regime and the
government has started stakeholder consultations on opening up
additional sectors to greater inflow of FDI.
He said the Comprehensive Economic Partnership Agreement
(CEPA), negotiations for which have been concluded, would
boost the bilateral trade and economic ties manifold.
"Our government places the highest importance on
improving the investment climate for foreign investors in
India. We recognise the multiplier effects of improving
infrastructure on the growth of Indian economy," Singh told a
select group of Japanese journalists in Delhi ahead of his
visit here.
"It is heartening that India is now recognised as the
best long-term investment destination by Japanese companies.
We welcome Japanese investments in India," the Prime Minister
said.
"I would encourage Japanese investors to come to
India and become part of our ambitious development plans,"
Singh said.
While inviting Japanese companies to step up their
investments, he observed, "Today, India offers a growing and
vibrant market, young work force, and an attractive
destination for foreign investors".
He said new policies are enabling public-private
partnership in the development of critical infrastructure like
roads, ports, airports and power.
"In recent years, the policy framework relating to
investment, taxation, foreign trade, finance, capital markets
and regulatory systems has evolved to make Indian industry
more productive and globally competitive," Singh said, adding
"As a result, India's share in the global flows of goods and
services has grown steadily".
Talking about FDI norms, he said, all regulations and
guidelines have been consolidated into one comprehensive
document, which is reviewed every six months.
Referring to the Dedicated Freight Corridor Project
as well as the Delhi-Mumbai Industrial Corridor Project, which
are being built with Japanese assistance, he said these will
open up vast opportunities for Japanese businesses for
mutually beneficial cooperation. (MORE) PTI