Ambassador`s Speeches and Interviews HE Ambassador's speech for Yamanashi outreach event on November 10, 2020

HE Ambassador's speech for Yamanashi outreach event on November 10, 2020

Business Opportunities in India –Yamanashi-”

10th November, 2020 

Opening Remarks by

H.E. Sanjay Kumar Verma

Ambassador of India to Japan

Mr. Kenichiro Furuya, Chief Director of International Strategy, Governor’s Policy Planning Bureu, Yamanashi Prefectural Government

Mr. Masashi Kono, Chief Director, JETRO Yamanashi

Ms. Reiko Furuya, Research Manager, Overseas Research Department, JETRO


Distinguished Guests,

Minnasama, Konnichiwa!

It is my pleasure to speak at the seminar on “Business Opportunities in India” in Yamanashi.

2. At the present scenario, Covid-19 pandemic has caused major disruption in the global and regional supply chain system requiring a complete diversification of business strategies. Post Covid-19 era is set to change the scenario concerning conducting business, improving health-care and creating new platform for focusing new models of productivity and innovation.

3. Yamanashi prefecture is blessed with an abundance of nature that includes Mount Fuji, a World Heritage site. Yamanashi prefecture is known for its agricultural products that flourish with plentiful water and sunlight, as well as hot spring, wines, jewelry, silk fabrics and other items produced using traditional techniques. Beyond agriculture and traditional techniques, major industries in Yamanashi are production machinery, electrical machinery, information and communication machinery, electronic parts and devices, health-related industries.

4. The relationship between India and Japan has expanded significantly in recent years. The two countries have a special strategic and global partnership. There are complementarities between our two economies. Combining Japan's capital and technology with India's rich human resources and skills makes for a winning combination for both countries.  

5. Over the past 6 years, the Government of India has taken several initiatives to promote economic growth and improve investors’ confidence, which include the establishment of commercial courts, the insolvency and Bankruptcy code, the Goods and Service Tax, and Reduction in Corporate Tax by 50%. Reforms are also being aimed at developing India in to a knowledge based, skill supported and technology driven society. Japan has emerged as one of the top five investors in India. During FY 2019-2020, Japan with FDI worth $ 2.8 billion was the fourth largest investor in India after Singapore ($ 11.65 billion), Mauritius ($7.45 billion) and the Netherlands ($3.53 billion). India is constantly trying to improve its FDI ecosystem. Ease of doing business is also improving every year. Just 2 years ago India was ranked at 130, but most recent rankings of 2019 put India at 63. Ranking in the global innovation index, India moved up to 48th in 2020. India is also one of the most liberal FDI regimes in the world because more than 90 percent of FDI approvals have been put on automatic route. Hon’ble Prime Minister Narendra Modi aims to make Indian Economy “Atma Nirbhar i.e self reliant”. The objective of Atma Nirbhar stimulus is to open up Indian economy further to promote Make in India. Make in India. The corporate tax is slashed by half to 15%, one of the lowest in world. Dividend distribution tax is withdrawn mainly on the request from Japan.

6. We are here today to enable Japanese SMEs in Yamanashi to learn more about the new opportunities in India. JETRO and the Embassy of India, Tokyo have joined hands in this effort to ensure that your entry into India will be smooth. Based on the post trends and future opportunities, we see top priority for India to enhance future investment inflows from Japan in sectors such as infrastructure, manufacture, agriculture, food processing, start up ecosystem, as well as finance and health-care.

7. I wish to thank JETRO Yamanashi, Yamanashi Prefectural Government, The Kofu Chamber of Commerce and Industries for helping us to reach out to you. I hope today’s seminar will initiate new contacts and partnerships among various stakeholders.

Arigato Gozaimasu.

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