Following is the text of the Joint Statement by Anand Sharma, Union Minister of Commerce and Industry, India and Toshimitsu Motegi, Minister of Economy, Trade and Industry, Japan:

The meeting between H.E. Anand Sharma, Minister of Commerce and Industry of India and H.E. Toshimitsu Motegi, Minister of Economy, Trade and Industry of Japan was held on 17th May, 2013 in Tokyo, Japan.

1. Delhi-Mumbai Industrial Corridor (DMIC)

1) Both sides welcomed progress of Dedicated Freight Corridor (DFC) as the backbone of DMIC and agreed to review their progress on a continuous basis.

2) Both sides appreciated Government of India`s formalizing the process of 26% equity participation from Japan Bank for International Cooperation (JBIC) in Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and relaxation of capital regulations to enable long term lending for DMICDC projects through JBIC.

3) Both sides agreed to expedite the process of Smart Community Projects such as seawater desalination at Dahej, Gujarat; power system stabilization project in the State of Gujarat; a microgrid system using large-scale photovoltaic (PV) power generation at Neemrana Industrial Area in Rajasthan (New Energy and Industrial Technology Development Organization (NEDO); and gas-fired independent power producer (IPP) in Maharashtra and agreed to advance the projects by exploring solutions for electricity and environmental regulations and/ or their implementation with related Ministries.

4) Both sides reaffirmed that trunk infrastructure projects for Japan`s US $ 4.5 billion facility should be implemented through advanced innovative cutting-edge technologies for sustainable development in a way beneficial to both the countries with all instruments of JBIC`s and Japan International Cooperation Agency (JICA)’s funding including STEP. Since this is a global and strategic partnership initiative between the two countries, the objective should be to attract Japanese technology and investments along the DMIC corridor.

5) Both sides reaffirmed cooperation in manufacturing, development of industrial clusters and skill development centers promoted by The Overseas Human Resources and Industry Development Association and Japan External Trade Organization (JETRO) in the DMIC region. Both sides acknowledged the "Japanese industrial zones" facilitated by some of the State Governments in DMIC region and JETRO, as one of the key initiatives under the DMIC to create globally-competitive industrial clusters.

2. Chennai-Bengaluru Industrial Corridor (CBIC)

Both sides acknowledged the progress made in the CBIC project and the finalization of the preliminary report for enhancing the quality of infrastructure in the region. The issue of improving access to Ennore and Chennai ports will be taken up in partnership with the State Government.

Both sides acknowledged the finalization of To Rs for the perspective planning of the region and for the Master Planning of investment nodes. It was agreed to reinforce their cooperation in the CBIC region and provide impetus to development of industrial clusters and skill development.

3. Japan-India Investment Promotion

1) Both sides agreed to deepen discussion on concrete measures on India-Japan Investment Promotion under partnership with both countries` businesses, reaffirming the expansion of investment as being essential for the global, strategic and complementary economic relationship between the two countries.

2) Both sides agreed to support planned initiatives and projects in this year designed for strengthening business partnership to be organized by JETRO and NEDO.

3) Both sides confirmed that investment promotion is necessary for both countries` mutually-beneficial development, and agreed to deepen related discussion with regard to measures for investment promotion and improvement in business environment in partnership with State Governments.

DS

(Release ID :96059)

Industrial corridor cooperation advances infrastructure financing, regulatory coordination and Japanese investment attraction for corridor projects. Cooperation centers on coordinated infrastructure financing and regulatory facilitation to attract Japanese investment and technology for industrial corridors. The DMIC emphasizes the Dedicated Freight Corridor, JBIC equity participation and capital regulation relaxations enabling long term lending, and expedited Smart Community Projects and trunk infrastructure using advanced Japanese technologies and funding. Partners will address electricity and environmental regulatory matters to advance desalination, power stabilization, large photovoltaic microgrids and gas fired IPP projects, while promoting manufacturing, industrial clusters and skill development through Japanese organisations.