The Union Minister for Commerce, Industry and Textiles Shri Anand Sharma is on a two-day visit to Tokyo for a comprehensive review of bilateral economic engagement with Japan, ahead of Dr. Manmohan Singh’s visit to Tokyo.

Today, he called upon Japanese PM Mr. Shinzo Abe, and apprised him of the progress made in the implementation of the Delhi Mumbai Industrial Corridor (DMIC) project, which was conceptualised in the 2007 visit of Mr. Abe to India. Mr Abe expressed satisfaction on the amount of work put into the project and mentioned that Japanese companies are looking forward to partner with India in project implementation. Japan has already committed USD 4.5 billion in the first phase of project implementation. The Government of India has committed an equal amount for development of trunk infrastructure for creation of new industrial townships along the corridor. Shri Sharma informed the Japanese Prime Minister that currently Japan has already taken 26% equity in the Delhi Mumbai Industrial Corridor Development Corporation creating a new paradigm of economic cooperation based on collaboration in innovation, technology and manufacturing under the framework of the strategic global partnership between the two countries. Shri Sharma mentioned that India was looking forward to welcoming the Emperor and Empress of Japan to India during this year.

Shri Sharma also met Japanese Foreign Minister Fumio Kishida and expressed satisfaction on the healthy growth of trade after the signing of Comprehensive Economic Partnership Agreement (CEPA) between the two countries. However, he flagged concerns of India relating to mounting trade deficit and specially urged for market access for Indian agricultural and marine produce and Indian pharmaceuticals. The Japanese pharma market is projected to grow to USD 100 billion and Indian generics can play a key role in providing affordable healthcare.

Shri Sharma also met the Japanese Minister of Economy Trade and Industry, Mr. Toshimitsu Motegi, which provided an opportunity for a comprehensive review of the DMIC project including the implementation of the early bird projects.

Top Japanese company CEOs including those from Mitsubishi, Hitachi, New Energy and Industrial Technology Development Organization (NEDO) made a detailed presentation to Shri Sharma on the progress of the project implementation. The CEO of Japan Bank of International Cooperation (JBIC), Mr. Hiroshi Watanabe also met Shri Sharma assuring him of full financial support for the DMICDC project and other infrastructure projects in India.

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(Release ID :96047)

Market access for Indian pharma and agricultural products sought, aiming to expand trade access and investment partnerships with Japan. Request for expanded market access for Indian agricultural, marine and generic pharmaceutical exports was urged during high-level economic consultations, citing trade deficit concerns and the role of Indian generics in affordable healthcare. Concurrently, the meetings reviewed DMIC implementation, noting substantial Japanese equity participation, committed financing for early projects, and industry presentations stressing collaboration in technology, manufacturing and investment to advance project delivery.