India invites greater investment from Japan
Manmohan Singh, who is on a visit to Japan, said India required more than 500 billion dollar investment in the coming ten years.india Updated: Dec 14, 2006 13:59 IST
Prime Minister Manmohan Singh on Thursday invited greater investment from Japan as he wants to conclude a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
In an interview to NikkeiShimbun, Singh, who is on a visit to Japan, said that India required more than 500 billion dollar investment in the coming ten years.
Of this, he said, 320 billion dollars would be required for the infrastructure development, which would be investment opportunity to foreign entrepreneurs.
Observing that the CEPA with Japan would be mutually beneficial and would accelerate the economic cooperation with Tokyo, the prime Minister said that the CEPA should include promotion on mutual investments and greater trade and services.
Expecting Japan to invest more in infrastructure, agriculture and education, he said India's objective was to achieve ten per cent economic growth before the end of 2012.
He said that because India has a fast developing economy, the demand for energy was very high and he would like Japan and other countries to cooperate in development of nuclear energy for civilian use and referred to the Indo-US nuclear accord.
Singh noted that Japanese entrepreneurs were unhappy with Indian regulations and lack of infrastructure in India but said his government has taken a number of steps to promote foreign investment.
He also indicated that the ceilings on foreign investment may be relaxed.