Japan, Karnataka sign MoU to boost trade and investment

After setting up large corporations in the Indian market, a high-growth province in Japan is now looking to make inroads into the SME space in Karnataka. The state has become a preferred destination for Japanese investments.

“The State currently houses 270 Japanese companies, major ones being Toyota, Honda, Amada, Casio, Denso, Fujitsu and Indo-Nissin,” said Siddaramaiah, Chief Minister, Karnataka.

Speaking at the MoU signing between Mie Prefecture Government (Japan) and Government of Karnataka, Siddaramaiah said, “With opportunities in virtually every facet of today’s economy, the State is a veritable treasure trove for investors and many Japanese companies are witness to this.” The Japanese government is keen to partner with Karnataka in development of major projects like the Chennai-Bangalore industrial corridor, Bangalore metro, Bangalore’s peripheral ring road and is now conducting a feasibility study for a Japanese industrial zone in the State.

Emphasising the potential for cooperation in automobiles, IT/BT, ICT and electronics among other sectors, he said they were looking at help to promote Japanese SMEs set up facilities in India and vice-versa. He said SMEs could help support the larger companies here. “The incentive for a company from outside (another country) is double if they set up a facility in Mie prefecture,” the Governor said.

The MoU will conduct a survey of sectors here to identify strengths and shortcomings in Karnataka. They are also looking at exchange of personnel and workforce between the two regions. However, there are no Indian companies present in the prefecture currently, he said.

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