Japan Industrial Township
Photos: Visit by His Excellency Mr Kenji Hiramatsu, Ambassador Extraordinary and Plenipotentiary of Japan to India to the MET Project Site on March 7, 2016
His Excellency Mr Kenji Hiramatsu, Ambassador Extraordinary and Plenipotentiary of Japan to India made a scheduled visit to the Model Economic Township (MET) Project site on the 7th March 2016 immediately after having addressed the gathering at the Inaugural Ceremony of the Global Investors Summit 2016 of “Happening Haryana” event.
He spent over two hours interacting with the members of METL and the representatives of Marubeni Corporation and Mizuho Bank and also inspected the proposed site of the “Japan Industrial Township” within the MET project area. He expressed his confidence in Japanese investments coming to the JIT site in the MET project area.
Feasibility Study by Japanese Consortium for Japan Industrial Township at MET
Ministry of Economy, Trade and Industry (METI), Government of Japan selected a consortium, consisting of Mizuho Bank and Marubeni Corporation, for a project to survey the feasibility for infrastructure system overseas development in the Jhajjar district of Haryana state in India, and was referred to as the “feasibility study”.
The consortium conducted the smart community development plan, which is the subject of the feasibility study, concerns development of the industrial zone, commercial facilities and housing in Jhajjar centering around MET project, undertaken by Model Economic Township Limited (METL) a 100% subsidiary of one of India’s largest business group, Reliance Industries Limited.
Photos: Visit by the Japanese Consortium for Conducting the Feasibility at MET, Jhajjar in September 2015
Outcome of the Feasibility Study
The feasibility study was found to be favorable for Japanese investment to establish in the MET project of Jhajjar.
Marubeni Corporation is taking one step forward to promote this potential site for Japanese companies and others.
Statement of Intent between Governments of India and Japan
The Minister of Economy, Trade and Industry (METI) of Japan, H.E. Yoichi Miyazawa, accompanied by the Japanese business delegation, visited India from 28th to 30th April, 2015.
The Minister of State (Independent Charge) for Ministry of Commerce & Industry, India, H.E. Nirmala Sitharaman welcomed his visit.
The two Ministers welcomed the successful outcome of the “India – Japan Public Private Investment & Trade Promotion Policy Dialogue” and affirmed that the “List of Actions” by the business delegation, will greatly contribute to the realization of “Make in India”. They also reaffirmed to take steps for achieving investment targets which were agreed in “Tokyo Declaration for Japan-India Special Strategic and Global Partnership” (Tokyo Declaration) by the Prime Minister of India, H. E. Narendra Modi, and the Prime Minister of Japan, H. E. Shinzo Abe, on September 1, 2014.
The two countries share the view that Indo-Pacific economic linkages through cooperation in an inclusive investment and trade regime is essential for the further development and prosperity of not only both the countries but also of the region.
Developing “Japan Industrial Townships”
The two countries decided to take steps to develop “Japan Industrial Townships” in India especially in Delhi Mumbai Industrial Corridor (DMIC) and Chennai Bengaluru Industrial Corridor (CBIC) regions in order to facilitate Japanese investment to India. In this regard, they identified 11 candidate sites for “Japan Industrial Townships”
Out of the 11 sites, MET Jhajjar, Haryana was one of them.
The two Ministers affirmed the importance of developing “Japan Industrial Townships” with the assistance of State Governments. Department of Industrial Policy & Promotion (DIPP) and the Ministry of Economy, Trade and Industry of Japan (METI) and also expected “Japan Plus” to play a prominent role in coordinating the development of “Japan Industrial Townships” in an integrated manner.
Minister Miyazawa expressed his view that all possible tools such as facilitation and coordination by METI and Japan External Trade Organization (JETRO) will be taken, and that JETRO will play a pivotal role in improving investment and trade environment for Japanese enterprises through “Japan Industrial Townships”.
Minister Sitharaman welcomed further commitment of METI and JETRO towards enhancing investment and trade between Japan and India.
Investment Incentives in JIT
Both Ministers reiterated the intention of the two countries to develop “Japan Industrial Townships” and other industrial townships in India with investment incentives for companies that would not be lower than under the prevailing policy framework such as Special Economic Zone (SEZ), National Investment and Manufacturing Zone (NIMZ), based on Tokyo Declaration. Both Ministers expressed their intention to accelerate the development of world class infrastructure for “Japan Industrial Townships”.