Japan Plus Team Set Up In India

Orient Express On The Fast Track: Japan Plus Team Set Up In India

To facilitate investments from the country of Japan, the Indian Commerce and Industry ministries have jointly established a team known as “Japan Plus” which includes officials of the governments. The Ministry's Department of Industrial Policy and Promotion has established a special management team to improve the rate at which investment proposals from Japan are being passed, the official statement released by the government to the media said.

The Department of Industrial Policy & Promotion (DIPP) under the ministry has set up a special management team to facilitate and fast track investment proposals from Japan, an official statement said. Japan offered to invest USD 33.5 billion over a span of the next 5 years through PPP (public-private partnership) as well as overseas development assistance. This was during the recent visit of the India's PM Narendra Modi to this country.

"Japan Plus has been operationalised with effect from October 8, 2014. Japan Plus will be coordinated by Kenichiro Toyofuku from METI (Japan's Ministry of Economy, Trade and Industry) and will comprise of four Indians and two Japanese officials," the official statement added. The Japan Plus team has been provided a mandate that encompasses the spectrum of investment promotions as well as research, promotion, outreach, facilitation as well as aftercare.

The Indian government will be supported by the team in initiating as well as attracting, facilitating, and ensuring Japanese investment proposals across all sectors are cleared. Fast tracking the investment proposals from Japan is the key mandate of this team.

The team will also provide updated information regarding investment opportunities across different sectors, specifically certain projects such as industrial corridors. "In addition, the Japan Plus team will identify prospective Japanese companies, including, small and medium enterprises (SMEs) and facilitate their investments in India," the statement also added.

Apart from this, India will also be establishing a core group which is chaired by the Cabinet Secretary regarding the India-Japan Investment Promotion Partnership. This group will include the Chairman of the Railway Board, Foreign Secretary as well as Secretaries from DIPP, Financial Services, IT, Urban Development, DIPP and others.

This group will work to ensure investments from Japan as formed in the India-Japan Investment Promotion Partnership culminate into reality. Japan currently is the fourth highest FDI contributor to India. Its major interests here include services, pharmaceuticals and automobiles. It is responsible for 7.46% of total FDI equity inflows into India.