The Hindu Business Line : Selling the India story in Tokyo

Despite a continued spell of overcast weather conditions and Japan's recent loss to Australia in the World Cup soccer match, the mood here in Tokyo seems rather upbeat as the India-Japan Business Summit leads the way for the World Economic Forum's two-day East Asia Summit on Thursday.

With the world's number two economy reporting lower fiscal deficit and unemployment numbers, the next three days here are most definitely an Asian success story, replete with a reviving Japan and an emerging India. While Japan is playing the gracious host, India's presence is felt everywhere.

Strong Indian contingent

The `India Everywhere' campaign, which has had touchdowns in Davos and Hannover, takes a full circle here.

An Indian delegation led by the Commerce and Industry Minister, Mr Kamal Nath, and a strong India Inc contingent are attempting to impart a fresh thrust to the campaign.

Apart from India's rise and its integration further into East Asia, the WEF deliberations on Thursday will be dominated by Japanese revival and the future of the China's manufacturing juggernaut.

With the theme, `Creating a New Agenda for Asian Integration', the India-Japan Summit, co-sponsored by the Ministry of Commerce and Industry and Japan's Ministry of Economy, Trade and Industry, saw much focus on renewed investment opportunities in India in sectors such as manufacturing, infrastructure, biotechnology and R&D, as well as India's commitment to open up markets to Japanese goods.

Massive potential

Speaking at the Summit organised by the CII, the India Brand Equity Foundation (IBEF), and the Japan External Trade Organisation (JETRO), Mr Kamal Nath said that India in the next five years is likely to generate investment opportunities to the tune of $500 billion, of which infrastructure could provide $250 billion and manufacturing another $130 billion. He urged Tokyo to review its strategy to tap this massive potential.

India also envisages that the Comprehensive Economic Cooperation Agreement (CECA) with Japan, which would double the bilateral trade to $10 billion in three years, would be ready by this year. The Minister also invited Japanese SMEs to tap business opportunities in India and invest in the upcoming Special Economic Zones.

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