TN woos Japanese investors, sets target of Rs one lakh crore investments by 2015-16

Chennai: Tamil Nadu on Monday vowed to offer full support to Japanese investors in setting up small and medium enterprises (SME) as the state plans to attract Rs one lakh crore of investments in manufacturing sector before 2015-2016.

Addressing the Japan-India SME Conference organized by Indo-Japan Chamber of commerce and Industry (IJCCI) here, Industries Minister P Thangamani said that the state government accords high priority to foster economic ties with Japan.

Vowing the state’s full support to Japanese investors, the minister said Chennai has the largest number of Japanese companies in India accounting for 37 per cent. Japan has invested $13.8 billion from April 2000 to November 2012 and emerged as the fourth largest investor in India. The minister said that the state has received a significant amount Japanese foreign direct investment.

The keenness of Tamil Nadu  to woo Japanese investors was highlighted with two state ministers --- Thangamani and P Mohan, Tamil nadu Rural Industries Minister sharing the podium along with a host of bureaucrats during the conference.

Interestingly, Japan is not only focusing on investments in Tamil Nadu but also on neighbouring Kerala, Karnataka, Andhra Pradesh and Gujarat. N Krishnaswami, president of Indo-Japan Chamber of Commerce and Industry said that this is the biggest such international conference involving Japan in which four prefectures of Japan --- Kanagawa, Osaka, Hiroshima and Fukoka are participating.

Speaking on the occasion, Masanori Nakano said that the Japanese companies in Andhra Pradesh has risen from 12 to 88 while in Kerala it rose from seven to 53 companies.

Nakano said more and more Japanese small and medium enterprises are keen to set up shop in south India. Shinyo Fuji, director general Japan External Trade Organisation (JETRO) said that Tamil Nadu has maximum presence of Japanese companies in India.

Yoshihiro Watanabe, advisor to Bank of Tokyo Mitsubishi UFJ said that the century belong to Asia where India, China and Japan would account for 50 per cent of the world’s GDP. He said the conference is a platform for Japanese SME’s to get into India.

He said the investment into India is less when compared to China. “but then the investments have just started and it would increase significantly in the coming years, he added.