DIPP constituted a special team Japan Plus to fast track Japanese investments
DIPP on 9 October 2014 constituted a special management team Japan Plus to fast track Japanese investments.
The Department of Industrial Policy & Promotion (DIPP) on 9 October 2014 constituted a special management team to facilitate and fast track investment proposals from Japan. The team was named as Japan Plus.
Japan Plus will be coordinated by Kenichiro Toyofuku from METI (Ministry of Economy, Trade and Industry), Government of Japan and will comprise of four Indians from Government of India and two Japanese officials from METI.
Highlights of the Japan Plus Team
• The mandate of the Japan Plus team runs through the entire spectrum of investment promotion – research, outreach, promotion, facilitation and aftercare.
• The team will support the Government of India in initiating, attracting, facilitating, fast tracking and handholding Japanese investments across sectors.
• It will also be responsible for providing updated information on investment opportunities across sectors, in specific projects and in industrial corridors in particular.
• Moreover, it will identify prospective Japanese companies including Small and Medium Enterprises (SMEs) and facilitate their investments in India.
• The team will also provide assistance to DIPP in undertaking regular benchmarking studies, identifying bottlenecks and areas of concern in sectors of interest to Japanese companies and analyzing their impact on industrial development production in India.
Formation of a Core Group
Union Government has also constituted a Core Group chaired by Cabinet Secretary on India-Japan Investment Promotion Partnership. This group will comprise of Chairman of Railway Board, Foreign Secretary and Secretaries of DIPP, Economic Affairs, Expenditure, Financial Services, Revenue, Commerce, Urban Development, Electronics and Information Technology and others.
The Core Group will be serviced by Department of Industrial Policy & Promotion. This Core Group will co-ordinate and closely monitor the process to ensure that investments from Japan are facilitated in various sectors and opportunities of investment and technology transfer are fully exploited.
India and Japan
Japan is the 4th largest FDI contributor to India with major interests in pharmaceuticals, automobiles and services sectors. It accounts for 7.46 percent of total FDI equity inflows into India.
India is an attractive investment destination for Japanese companies with 1072 Japanese companies having 2542 business bases in India.
Over the last decade, the number of Japanese establishments in India have increased by 11 times reflecting the positive sentiments of Japanese investors for Indian market.