Mumbai: India and Japan
have stepped up negotiations on an economic pact and the multibillion dollar Mumbai-Delhi
industrial corridor, ahead of Japanese prime minister Shinzo Abe''s visit in New
Delhi in late August. Japan
''s minister of economy, trade and industry Akira Amari is in New Delhi on a five-day
business visit to the country. He is leading a delegation of top 15 corporate
leaders, led by Suzuki Motor chairperson Osamu Suzuki. Amari
will meet commerce minister Kamal Nath and deputy chairperson of the planning
commission Montek Singh Ahluwalia and discuss with them a host of trade-related
issues with special focus on the Delhi-Mumbai industrial corridor project. The
ambitious industrial corridor project, now expected to cost $90-100 billion, will
involve huge investments in industrial infrastructure. The Indian side will make
a presentation to the Japanese side to increase funding for the project. The
project entails the development of a 1,483-km dedicated freight corridor between
New Delhi and Mumbai. The project also includes building of airports, agro-processing
parks and special economic zones, creating 4,000 MW of power generation facility
and two ports in Gujarat and Maharashtra . The
industrial corridor project, which was initiated during prime minister Manmohan
Singh''s visit to Japan in December 2006, is likely to be finalised during Abe''s
visit to India. The
first phase of the project is expected to be completed by 2012 while the second
and last phase of the project will be completed by 2016. Japan
is keen to invest in India ''s infrastructure and make it a hub for production
and exports
to Europe and West Asia. Amari''s
visit will be followed by a delegation of Japanese officials who will come here
for another round of negotiations on a comprehensive economic partnership agreement
between the two countries.
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