In a bid to strengthen economic cooperation, Japan has set up a “Make in India” fund of 1.5 trillion yen, while India promised to devise a special package of incentives for attracting investments in ‘Japan Industrial Townships’.
Prime Minister Narendra Modi welcomed the ‘Japan-India Make-in-India Special Finance Facility’ of up to 1.5 trillion yen by Nippon Export and Investment Insurance and Japan Bank for International Cooperation, a joint statement issued after the meeting between Modi and Japanese Prime Minister Shinzo Abe said on Saturday.
This aims at promoting direct investment from Japan to India and to support their business activities with counterparts in India, including development of necessary infrastructure, and to help materialise ‘Make-in-India’, it said.
It said that Prime Minister Abe expressed his expectation on further enhancement of reform measures including in the financial sector.
“The two Prime Ministers decided to deepen mutual cooperation regarding the Make-in-India policy,” it said.
The two sides also reaffirmed the “intention to develop ‘Japan Industrial Townships (JIT)’, with investment incentive for companies that would not be lower than under the prevailing policy framework such as SEZ, and National Investment and Manufacturing Zone,” it added. “Moreover, both sides will work toward evolving special packages for attracting Japanese investment in the JIT in India,” the statement said.