The director-general of Japan External Trade Organisation (JETRO), Naoyoshi Noguchi, speaking to FE, said, Viewing Indias potential to emerge as an economic power, our Prime Minister Shinzo Abe proposed to increase the bilateral trade from the existing level of $ 8.5 billion to $20 billion in the next three years. The Indian commerce minister, Kamal Nath agreed to Abes proposal and also assured to attract Japanese investment to the tune of $ 5 billion in the next five years. But these proposals need to implemented with all practicality.
Noguchi proposed that if India wants to step up its exports to Japan it needs to cater to the tastes of Japanese consumers.
For this Indian producers need to invite necessary technology transfer from Japan. Japanese consumers are very quality conscious, he said.
He said that apart from automobile sector, Japanese entrepreneurs were interested in investing power and electronics and also in R&D for biotech and pharma sectors.
There is a need for India to develop a favourable climate to attract Japanese investments, he said and hoped that the proposed Delhi-Mumbai Industrial Corridor would provide an opportunity for Japanese entrepreneurs.