Title - India, Japan to expand ties in infra projects

New Delhi : Negotiations are on for Japan to acquire a 26% equity stake in the company that will develop the Delhi-Mumbai Industrial Corridor (DMIC). Commerce & Industry Minister, Anand Sharma met Japan’s Minister of Economy, Trade & Industry Yukio Edano on Monday to discuss economic and trade ties between the two countries.There has been progress of discussion on the equity participation by Japan in DMIC Development Corp to the extent of 26%. Sharma said the government would initiate required procedures for necessary approvals. In this context, the two ministers shared the importance of the relaxation of capital regulations in the course of implementation of the DMIC project.The discussion also dwelt upon the infrastructure development in the areas along the Chennai-Bangalore Industrial Corridor including the preparation of a comprehensive integrated master plan of this region which was decided between the two prime ministers in December 2011. Japan will participate in promoting investments and supporting industries in the region through improving infrastructure such as ports, industrial parks and their surrounding facilities in Ennore, Chennai and the adjoining areas and stable power supply.With the coming in force of the bilateral trade agreement, CEPA, trade increased by 38% during 2011-12 as compared to 2010-11. Sharma mentioned that if this trend continues the bilateral trade will cross US $24 billion by March, 2013 and as such the target of $25 billion will be achieved in 2013 itself.