labels: economy - general
Japan adds $7 million to SAARC special fundnews
04 April 2007

Mumbai: Japan has contributed an additional $7 million to the 'SAARC-Japan Special Fund' for furthering social and cultural exchanges with South Asia and pledged support for improving regional connectivity.

The government of Japan shall cooperate more with SAARC to achieve better regional connectivity and is keen on supporting priority projects, Japan's foreign minister Taro Aso told the 14th SAARC summit in New Delhi.

The $7 million fund is especially for financing youth activities. Japan is attending the summit as an observer.

Japan will receive over 500 high school and university students from the SAARC countries every year, the minister said.

Japan is also expecting to increase its investment in India to $5.5 billion from $515 million in 2006, a spokesman of the Japanese foreign ministry said, adding, the investment will be mainly in the automobile sector.

"We hope to finalise the Free Trade Agreement with India within this year and this is key to investment," the spokesman said.

Japan would also work together with the Asian Development Bank to improve transportation in the region and improve disaster management.

Aso said, as part of the SAARC as observer nation, Japan was advancing a new initiative to create an arc of freedom and prosperity.

"The outer rim of the Eurasian continent has seen historic transitions in many countries. A new frontier, or an arc, has emerged. It is a growth region, more stable than ever, committed to universal values. South Asia indeed makes a central pillar of the Arc," he said.

He said when Japan's post-war economic miracle was yet to take shape, South Asia helped its people and India and Pakistan provided Japan with crucial materials like iron ore and raw cotton.


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Japan adds $7 million to SAARC special fund