New Delhi, July 9: Japanese businesspersons may soon lend support to India's plea for early lifting of financial sanctions imposed by Tokyo in response to the Pokhran nuclear blasts. They may also form an India interest group to build bridges between the two countries.Several top Japanese businesspersons have also pledged to continue with their investment plans for India as decided prior to the Pokhran blasts. They have further stated that the investment climate in India will have to be improved and the reforms process speeded up to attract larger investments.The Japanese businesspersons told a delegation led by RPG group chairman emeritus RP Goenka that they understood and appreciated India's security concerns and would urge their government to reduce the impact of the sanctions.
Additionally, the Japan Chamber of Commerce and Industry, the Standing Committee of India-Japan Business Cooperation Committee and the Committee on India-Japan Relations have assured that they will work towards normalising theeconomic relations between the two countries.
Briefing newspersons here on his return from Japan, Goenka said the Japanese companies were keen to discuss business and investment proposals with the delegation during their visit.
The delegation comprising PHD Chamber of Commerce and Industry president OP Vaish and RPG Foundation director general DH Pai Panandikar held 15 one-to-one meetings with presidents of top Japanese conglomerates such as Mitsui, Mitsubishi, Marubeni, Sony and Itochu. The delegation also met with Exim Bank of Japan and Japan Rating Agency. Goenka felt that the mission's trip should be followed up with another visit within two months by a larger delegation to follow up on business proposals. Japan is keen to invest in infrastructure projects, power, fertilisers, port development, food processing and telecommunications.
Panandikar said the Japanese considered India a hot destination for future investments following the collapse of the south-east Asian economies. Japanesebusinesspersons are also wary of pumping in more money into China as many previous investments had failed to yield adequate returns.
He added that the Japanese investors perceived the recent resolution of the government-Suzuki spat as a positive element in improving the business environment in India.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
