India invited Japanese companies on Friday to invest in the country as it offers opportunities worth $500 billion in as many as 25 diverse areas.
Addressing a seminar Invest in India, Commerce and Industry Kamal Nath said Japanese investors should participate in India's growth story and highlighted the opportunities that the country presents in infrastructure, manufacturing and services sector.
The minister pointed out that investment opportunities worth 500 billion dollars were estimated in 25 major economic activities.
"India has enjoyed a special place in Japan's global scheme of things. With time, the economic ties between the two nations have only grown stronger and deeper," Nath said, according to an official statement.
He highlighted the policy reforms undertaken by India, including simplification of investment procedures, promotion of foreign direct investment and liberalisation of exchange control.
"We are targeting growth rates of 10 per cent in the next five-year plan. Our investment and policy regime are being continuously aligned to achieve these GDP growth rates," the minister said.
India's demographic profile with a large young population and a vast consumer base makes it a favourable investment destination, he added.
Japanese companies have invested $2.15 billion in India between 1991 and 2006, which is about 6.1 per cent of total FDI inflows into India.
Foreign institutional investors from Japan made a net investment $2.26 billion during the last financial year and it was the top country for FII investment. Bilateral trade between the two countries was $6.8 billion in 2005.
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