“Made in India, Made by Japan” has started to converge wonderfully: PM Modi

Tokyo [Japan], Nov. 11 : Prime Minister Narendra Modi who is on a three day-visit to Japan, pitched his 'Make in India' initiative here saying that Tokyo plays an important role in the scheme, as India needs scale, speed and skill.

Speaking at the CII-KEIDANREN business luncheon in Tokyo, he said that his personal engagements with leadership, government, industry and people of Japan are now almost a decade old.

Stating that Prime the 21st Century belongs to Asia, the Prime Minister said that India and Japan will have to continue to play a major role in Asia's emergence.

"The growing convergence of views between Japan and India under our Special Strategic and Global Partnership has the capacity to drive the regional economy and development, and stimulate the global growth," he said.

"Strong India - Strong Japan will not only enrich our two nations. It will also be a stabilising factor in Asia and the world," he added. Prime Minister Modi said that even against a weak international economic scenario, the news from India is of strong growth and abundant opportunities.

It is of incredible opportunities, and about India's Credible Policies. "In 2015, the Indian economy grew faster than other major economies. World Bank and IMF assess this trend to continue. Lower labour costs, large domestic market and macro-economic stability combine to make India a very attractive investment destination," he said.

The Prime Minister said that today every global company has an India strategy and Japanese companies are no exception.

It is no surprise that today Japan is India's fourth largest source of FDI, he said. He said, "On our part, we would, of course, want greater influx of Japanese investments. For this, we will be proactive in addressing your concerns." "And, we will further strengthen the special mechanisms including Japanese Industrial Townships," he added.

Encouraging Japanese travellers to make use of the ten-year business visa, the e-Tourist Visa, and the Visa-On-Arrival facility, the Prime Minister said that the Social Security Agreement with Japan has also been implemented, which is good news for the growing number of professionals on both sides.

Prime Minister Modi said, "India's development needs are huge and substantial. We seek rapid achievement of our developmental priorities, but in a manner that is environment friendly." Thanking and congratulating those Japanese people who are already in India, he said that cars being made in India by a Japanese car maker are already selling in Japan.

Promising the people of Japan who are looking to explore their options in India, Prime Minister Modi said that his government is committed to further refining the policies and procedures to boost make in India.

He further assured that it it remains his top priority to creating an enabling environment for business and attracting investments.

"Stable, predictable and transparent regulations are redefining the nature of doing business in India," he said.

Prime Minister said, "I have long maintained that India needs scale, speed and skill. Japan has a very important role to play in all three." "Its involvement in our mega projects like Dedicated Freight Corridors, Delhi Mumbai Industrial Corridor, Metro Rail and High Speed Rail signifies scale and speed," he added.

Prime Minster Modi reiterated that the combination of Japanese hardware and Indian software is a fantastic combination that would benefit both countries.

Source: ANI