Modi's Japan visit to strengthen business ties: Assocham
Indian industry stakeholders anticipate Prime Minister Narendra Modi's Japan visit will strengthen bilateral ties and position India as a favourable trade destination.
"As a global economic leader, Japan offers immense opportunities for cooperation and partnership," Associated Chamber of Commerce and Industry of India (Assocham) president Rana Kapoor said in a statement here Monday.
Modi is on an official visit to Japan from Aug 30 to Sep 3.
Assocham recommended that the government should emphasise on - come, make in India; zero effect, zero defect; the Diamond Quadrilateral; healthcare; and Buddhist tourism - to boost bilateral partnership with Japan.
"The government's role in facilitating industry partnerships that aid technology transfers in key segments such as capital goods manufacturing, automobiles and electronic system design and manufacturing (ESDM) will be critical for the growth of India's manufacturing industry," the industry chamber said.
"Mega investments in these sectors can be structured by leveraging Japan's expertise and technical support across various dimensions," it said.
Japan's evolved power generation sector has increasing dependence on renewable and clean energy sources, and in 2013, it was the fastest growing clean energy market in the world with investments of over USD 28 billion. "India must leverage on this expertise to address critical challenges of power adequacy," the statement said.
Taking a cue from Japan's quality assurance techniques like Kaizen and Six Sigma, Assocham recommended: "Institutionalizing these quality principles can significantly boost product quality levels and operational efficiencies of the Indian manufacturing and MSME sectors and improve competitiveness in global markets."
Regarding India's vision for a Diamond Quadrilateral for high-speed trains and bullet trains, it said: "Adequate bilateral impetus can fast track implementation of high-speed rail projects and also facilitate establishment of global manufacturing facilities for key components and rolling stock required for the sector."
Japan is the land of Shinkansen, or the network of high-speed railway lines operated by four Japan Railways Group companies and is the first country to build dedicated high-speed railway lines.
The government's approval on healthcare cooperation between India and Japan will create new avenues of cooperation in fields of human resource development, financing of universal health coverage and healthcare service delivery, health information systems, pharma and medical devices and health research, said Assocham.
On tourism promotion, the industry chamber said Buddhism is the predominant religion of Japan and India too is a very important global destination for Buddhist pilgrimage.
"According special priority to this developing pilgrimage circuit in India, enhancing support infrastructure and facilitating seamless experience to tourists from Japan and across the world will be a transformational step," it said.
(Posted on 01-09-2014)