(MENAFN-IANS)

New Delhi, Feb 14 (IANS) The Department of Promotion of Industry and Internal Trade (DPIIT) and Japan’s Ministry of Economy, Trade and Industry (METI) have jointly reviewed the progress made in framework of Japanese Industrial Townships (JIT) in India. Currently, 114 Japanese companies operate in JITs.

As the fifth largest investor, Japan has contributed over $36.2 billion in cumulative investment in India since 2000, particularly in key sectors such as automotive, electronic systems design and manufacturing (ESDM), medical devices, consumer goods, textiles, food processing and chemicals.

The JITs were set up in line with the “India-Japan Investment and Trade Promotion and Asia-Pacific Economic Integration Program of Action” signed between METI and DPIIT in April 2015 to take steps to develop “Japanese industrial cities” in India, especially in the Delhi-Mumbai Industrial Corridor (DMIC) and Chennai-Bengaluru Industrial Corridor (CBIC) to facilitate Japanese investment in India, the ministry said. of Trade and Industry in a press release.

Currently, there are 114 Japanese companies in JITs. The industrial townships of Neemrana and Sri City host the majority of Japanese companies.

Companies such as Daikin, Isuzu, Kobelco, Yamaha Music, Hitachi Automotive, etc. are the main Japanese investors who settled in these cantons. The announced Production Linked Incentives (PLI) program for 14 sectors received many applications.

Japanese companies have also applied for these PLI schemes and received approval. The National Single Window System, an initiative of the central government, was also introduced from the Japanese side.

This one-stop digital platform currently has 20 Central Ministries and 14 States/UTs on board.

DPIIT reviewed the status of JITs with METI via a virtual platform in view of the Covid-19 situation. The Japanese Embassy in India and the Japan External Trade Organization (JETRO) also participated from the Japanese side.

On the Indian side, officials from the Ministry of External Affairs, the Indian Embassy in Tokyo and representatives from state governments and Invest India attended the meeting.

–IANS

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