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Govt moves Cabinet note on 26% stake of Japanese govt in DMICDC

Commerce and industry minister Anand Sharma said the government has moved a Cabinet note on the 26 per cent equity participation of the Japanese government

Written by ENS Economic Bureau | New Delhi |
May 1, 2012 1:24:13 am

Commerce and industry minister Anand Sharma today said the government has moved a Cabinet note on the 26 per cent equity participation of the Japanese government in the Delhi-Mumbai Industrial Corridor Development Corporation and a decision would soon be taken on the issue.

In the second India-Japan Ministerial Business-Government Policy Dialogue held today,Sharma met Yukio Edano,Minister of Economy,Trade and Industry of Japan,to discuss the progress on investments and economic cooperation along with sustainable development.

“A Cabinet note has been moved on the issue of 26 per cent stake of Japan in DMIC and a decision will be taken soon,” Sharma told reporters after the meeting. The minister further added that he also conveyed his Japanese counterpart about the renewal of long-term agreement for iron ore export.

“An inter-ministerial delegation will be reaching Japan within next two weeks to formally sign the agreement,” he said.

The minister said since the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in August 2011,the bilateral trade has increased by 38 per cent during 2011-12 compared to 2010-11.

According to officials,if the trend continues,bilateral trade is expected to cross $24 billion by March,2013 and the target of $25 billion will be achieved in 2013 itself.

On the progress in CEPA,Sharma said,“We have urged them to remove all non-tariff barriers so that real benefits envisaged under CEPA are materialised,” he said.

The two nations also discussed possibilities of enhancing cooperation in creative industries ranging from contemporary design,apparel,textile and fashion,jewellery,animation to food and film. The two sides said that they will work together for a new ‘Japan-India Comprehensive Cooperation on Creative Industries’ to explore potential for strengthening connections in creative industries.

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