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Indo-Japan trade to treble in 3 yrs
Monday, February 18, 2008
India-Japan trade is set to treble in three years,
according to Indian Ambassador to US Ronen Sen.
India and Japan have set a trade turnover target of USD20
billion by 2010, up from last year`s figure of about USD7.5
billion, in which Japan enjoyed a trade surplus of USD1.7
billion, Sen said in his address to the Japan Society here
Friday.
`Recently there has been movement towards overcoming the
stagnation of India-Japan trade which was witnessed in the
late 90s,` he said, adding that the two countries are working
on a Comprehensive Economic Partnership Agreement.
Pointing out that Japan is currently India`s third largest
source of FDI (USD2.6 billion since 1991), Sen said the
potential for FDI is much more. The Japan Bank for
International Cooperation has ranked India as the most
promising overseas investment destination for Japanese
companies over the long term.
India is the largest recipient of Japanese official
development assistance (ODA), accounting for 23 percent of
Japan`s global ODA, the ambassador stated.
After Japan assisted India in key projects like Delhi Metro,
the two countries are discussing cooperation on the
Delhi-Mumbai Industrial Corridor Project and dedicated freight
corridor projects on the Mumbai-Delhi and the Delhi-Howrah
routes, he added.
Speaking on the topic of `India-Japan-US Economic, Trade and
Diplomatic Ties`, Sen also stressed on further development of
trilateral cooperation.
He said India, Japan and the US are all democratic countries,
which recognise that `democracy and development are not only
compatible, but inextricably linked, and that free markets are
most sustainable in free societies`.
The three countries can harness high technologies for
socio-economic development through mutually beneficial
cooperation, he added.
While referring to the US as the world`s greatest centre of
innovation, Sen said Japan excelled in modern technologies and
India has a large and growing pool of talented technical
manpower.
Talking about the US-India agreement on civil nuclear energy
cooperation, Sen said `its successful conclusion would give
additional momentum to cooperation in other areas of high
technology, including biotechnology, nanotechnology and
defence technologies`.
India also has ongoing space collaboration with both the US
and Japan, Sen said.
He added that all three countries also have convergence of
interests on developing new, renewable and clean sources of
energy as well as on counter-terrorism.
The shared interests of the three countries find a reflection
in multilateral institutions, Sen said.
Giving examples, he said: `India and Japan have staked their
rightful claim to permanent membership of the UN Security
Council. India, Japan and the US are full Dialogue Partners of
ASEAN and members of the ASEAN Regional Forum.`
India and Japan also work together in forums like the East
Asia Summit and Asia-Europe Meeting. Both Japan and the US
were observers at the SAARC summit in New Delhi in April 2007,
Sen added.
The luncheon meeting with Sen was presided over by the
president of the Japan Society, Richard Wood, and the chairman
of the India Policy Forum, Bal Das.
Indian Consul General Neelam Deo and Japanese Consul General
Motoatsu Sakurai also attended event.
Among those present were many senior Japanese corporate
representatives. They included Yoshikazu Takeda, managing
director (the Americas and Europe), Nippon Life Insurance
Company; Eiichi Ishii, CEO, Mitsubishi Heavy Industries
America; Shigeru Hayakawa, president, Toyota Motor (North
America); and Michihisa Shinagawa, CEO, Sumitomo Corporation
of America.
A few `good American friends of Japan and India`, to use Sen`s
words, were also in the audience. They included James
McDonald, CEO, Rockefeller & Co; Frank Wisner, vice chairman
(external affairs), American International Group; George
Warnock, partner-in-charge audit, Deloitte & Touche; and John
Brademas, president emeritus, New York University.
Sen, who has been posted in Washington since 2004, completes
his assignment by the end of next month.
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