At a time the country is witnessing a prolonged investment famine, more than half a dozen Japanese companies have evinced interest in making new investments in Uttar Pradesh, including Miyachi Corp and Tokachi Corp, official sources said here. The investment proposals include developing five fish hatcheries in the state with high-end technology, putting up a 100 MW solar park for irrigation as well as setting up an agri processing park, these sources added.
These proposals came forth in a video conference interaction between Uttar Pradesh MSME, Investment and Export Promotion Minister Siddharth Nath Singh and the Japanese companies here on Tuesday. The conference was also attended by the Indian ambassador to Japan Sanjay Verma.
The UP government is hard-selling to the potential investors its GIS-mapped 1 lakh acres of land available in different parts of the country, as well as its vast network of expressways and air connectivity, which is being bolstered. Speaking to FE, Singh said that the interaction was part of the Uttar Pradesh government’s initiative to woo multinational companies of various countries which are keen to relocate from China, post the coronavirus pandemic.
“We have been holding country-specific interactions regularly and it was during our interaction with the Japanese today that we got some solid proposals that we hope will mature soon,” the minister said, adding that the state government was very serious about increasing its exports to various countries and is going about it in a planned manner. Talking about the possibility of increasing exports to Japan, Singh said that at present, China’s exports to Japan stood at a massive $173 billion/year while India’s exports to Japan are in the vicinity of $4.8 billion per annum.
“China’s exports to Japan have started getting disturbed due to geopolitical reasons. With the sentiment going against China, and no country willing to engage with it, the supply chain has been disturbed. India can actually take advantage of this and can pitch in for a larger share of exports to Japan. Even if we assume that 10% of the supply chain is disturbed, it means (an export opportunity of) $17.3 billion”