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INDIA-JAPAN JOINTLY REVIEW 114 JAPANESE COMPANIES OPERATING IN INDIA

by Juhi Tripathi

Date & Time: Feb 15, 2022 1:00 PM

Read Time: 1 minute


HIGHLIGHTS:

  • In these townships, the DPIIT and the States presented built infrastructure and land that was easily available for Japanese investors.
  • In order to attract investments, Japanese businesses were invited to visit JITs on the ground.
  • In light of the COVID-19 pandemic, DPIIT examined the status of JITs with METI in a virtual platform.
  • The Japanese Embassy in India and the Japan External Trade Organization (JETRO) were also present.

The India's Department of Promotion of Industry and Internal Trade (DPIIT) and Japan's Ministry of Economy, Trade and Industry (METI) convened an annual meeting to assess progress in India's Japanese Industrial Townships (JITs). Officers from the Ministry of External Affairs, the Indian Embassy in Tokyo, representatives from Invest India, and representatives from state governments attended the meeting.

Why was JIT formed?

The "Action Agenda for India-Japan Investment & Trade Promotion and Asia-Pacific Economic Integration," signed in April 2015 by METI (Japan) and DPIIT (India), established Japan Industrial Townships (JITs).
This action agenda was signed with the goal of growing Japanese investment in India by building "Japan Industrial Townships" in India, specifically in the Delhi Mumbai Industrial Corridor (DMIC) and Chennai Bengaluru Industrial Corridor (CBIC) regions.

Country-focused Industrial Township

In India, Japan is the only country with country-specific industrial townships. Unique Japan desks for translation and facilitation help, plug-and-play facilities, world-class infrastructural facilities, special incentives for Japanese enterprises, and residential clusters are all available through these JITs.

JITs have a wide range of Japanese firms

There are now 114 Japanese firms operating in JITs. The industrial townships of Neemrana and Sri City are home to the majority of Japanese businesses. Japanese companies such as Isuzu, Daikin, Yamaha Music, Kobelco, Hitachi Automotive, and others have established up factories in these townships.

Also Read: INDIA-AUSTRALIA INTERIM TRADE AGREEMENT AND FTA

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