Chennai, Sep 29 (Calcutta Tube) A Japanese delegation is expected to visit here sometime late October or early November and sign a memorandum of understanding (MoU) with the Tamil Nadu government for partnering in some infrastructure projects.
‘An official delegation from Japan will be visiting Chennai October or November and sign a MoU with the Tamil Nadu government to partner in development of infrastructure projects like ports, Chennai Metro Rail, building of Chennai-Bangalore industrial corridor,’ Japan External Trade Organisation (JETRO) Director General Shinya Fujii said.
Rferring to the economic and business ties between Japan and Tamil Nadu, he said: ‘The number of Japanese companies in Tamil Nadu is steadily increasing. From 70 companies in 2008 the number went up to 169 in 2008-09 and now it stands at 304.’
Speaking to reporters on the sidelines of a seminar, Indo- Japan Business Cooperation in Automotive Sector, organised by Confederation of Indian Industry (CII) and JETRO, he said a couple of months back a state government delegation had gone to Japan to woo investments to the state.
The Tamil Nadu government had earlier announced the setting up of an industrial park for Japanese small and medium sized companies near here.
Earlier at the conference, Hirokazu Yamaoka, director, Overseas Business Support Division, JETRO, said: ‘The Free Trade Agreement between India and ASEAN would increase trade between two Japan and India.’
On the hardening of Yen, Toyota Kirloskar Motor’s Deputy Managing Director Shekar Viswanathan said: ‘It will be an issue for Japanese projects in India. But it is time to increase localisation of components.’
About the Indian car market, he said the demand for cars is expected to touch 3.5 million units by 2015 and the growth will be primarily driven by small cars and financing options.