Japan to set up financial facility for ‘Make in India’ initiative

Japan will set up a new financial facility worth 1.5 trillion yen ($12 billion) under the “Make in India” initiative to promote direct investment of Japanese companies and trade from Japan to India, it was announced on Saturday.

A joint statement issued following talks between Prime Minister Narendra Modi and his visiting Japanese counterpart Shinzo Abe said that “Modi welcomed the ‘Japan-India Make-in-India Special Finance Facility’ up to 1.5 trillion yen by Nippon Export and Investment Insurance (NEXI) and Japan Bank for International Cooperation (JBIC), which aims to promote direct investment of Japanese companies and trade from Japan to India, to support their business activities with counterparts in India, including development of necessary infrastructure, and to help materialise Make-in-India policy of the Government of India”.

“We take this as a sign of confidence in ‘Make in India’ programme and the Indian economy,” Foreign Secretary S. Jaishankar said in a media briefing later. Read More…

 

Japan to set up financial facility for ‘Make in India’ initiative