Wednesday, May 09, 2012: 06:48:00 AM

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TN to sign pact to boost industrial scenario

The TN government is keen on signing an economic cooperation pact with Japan in order to boost industrial scene in the state

In a bid to promote economic cooperation to bolster domestic segments such as plastics, machine tools, industrial machinery, electronics and products and environment-related technologies, the Tamil Nadu government is keen on signing a memorandum of understanding (MoU) with Kanagawa Prefecture, Japan. Being a technologically advanced nation, association with Kanagawa Prefecture is sure to benefit the industry space in TN.

 
At a seminar on ‘Opportunities for business co-operation between Tamil Nadu and Kanagawa Prefecture’, which was organised by the Confederation of Indian Industry (CII), Japanese Consul General Masanori Nakano remarked that the TN government's decision would lead to more Japanese firms investing in the state.
 
Speaking at the seminar, N Sundaradevan, principal secretary with the state industries department said that TN has already signed a MoU with Japan External Trade Organisation, Mizuho Corporate Bank and Hiroshima Prefecture for economic co-operation. He added that TN is hopeful on signing the MoU with Kanagawa Prefecture soon.
 
Opportunities galore for FDI in TN
 
About 30% of the total Japanese companies that operate out of India are in TN, which is also the home to over 700 Japanese expatriates. Mr Nakano expects this number to increase manifold in the days to come. Nearly 60% of the foreign direct investment (FDI) in the TN automobile sector comes from Japanese enterprises, which includes the likes of Nissan Motors, with its headquarters in Kanagawa Prefectura.
 
Takashi Kobayashi, executive director - Industry Department, Commerce, Industry and Labour Bureau, Kanagawa Prefectural government said that a MoU on promotional exchanges would be signed between the two regions in future.
 
With sectors like machine tools, industrial machinery and electronics undergoing rapid transformation in the Indian market, TN’s association with Kanagawa Prefectural will provide further boost to this transformation.
 
Mr Sundaradevan invited the visiting delegates from Kanagawa Prefecture to invest in plastic, rubber processing, electronic components, industrial machinery and environment technology.
 
Priyanka Roy Chowdhury
 

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