Wednesday, November 30, 2005

Japanese urged to invest in Bangalore

Japanese urged to invest in Bangalore

The Hindu

Chief Minister says investors can choose areas of their choice and expertise

# Dharam Singh stresses long-standing relationship between State, Japan
# Government to extend help to make the investment profitable
# Sindhia makes presentation on industrial development of State

BANGALORE: As part of its move to improve infrastructure in Bangalore, the Government on Tuesday sought financial and technical support from the Japanese for the proposed metro rail project, which will cost Rs. 5,600 crores.

Chief Minister N. Dharam Singh sought Japanese investment while addressing a 30-member Japanese delegation headed by Chairman of Nippon Keidnren and Toyota Motor Corporation Board Okuda Hirioshi here.

He also invited Japanese large-, medium- and small-scale investors to invest in areas of their choice and expertise. The Government will extend all possible help to make their investment profitable and productive, he said.

Referring to the long-standing relationship between the State and Japan, Mr. Singh said Japanese foreign direct investment in the State has touched Rs. 2,032 crores covering 1,561 projects .

Well-known Japanese companies such as Toyota, Yokagawa, Sony, Sanyo, Komatsu, Hitachi, Yuken, Yuasa and Denso have been major players in their respective sectors here, he added. On the other hand, many information technology companies from the State have taken up business ventures in Japan.

The State has been a leader in the country in many areas such as IT, biotechnology, engineering, automobiles, apparels and textiles, pharmaceuticals, food processing, steel and cement. In an effort to back its investment proposals, the Government has cleared projects worth Rs. 78,032 crores, Mr. Singh said.

Welcoming the gathering, Finance Minister P.G. R. Sindhia presented a comprehensive picture of the industrial and infrastructure development of the State.

A video presentation on the industry, agriculture, tourism and related areas that have been supporting industrial growth and economy of the State, was also made on the occasion.

In his reply, Mr. Okuda Hirioshi said the delegation is impressed by the State's policy and achievements. Japan is keen on expansion and cooperation, he added.

Later, speaking to presspersons, Mr. Singh said he will hold detailed discussions with the delegation on Wednesday focusing on the 33-km Bangalore metro rail project.


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