New Delhi, Sept 11 (KNN)  A proposal has been made in the government for setting up an electronics manufacturing township, equipped with world class infrastructure, with Japanese assistance.

Since the proposal is in the early stages, the area for the township has not yet been identified.

The idea was discussed during the meeting between the visiting Minister of Economy, Trade and Industry of Japan, Toshimitsu Motegi and Minister of Commerce and Industry of India, Anand Sharma here.

“Both sides agreed that the proposal for the Japanese Electronic Manufacturing Township be taken up in the next meeting of the joint working group,” a statement from the Commerce Ministry said.

The Japanese Minister emphasised that building a world class industry infrastructure is critically important for expansion of the Foreign Direct Investment in India from the companies in Japan.

It is in this context that the Japanese are participating in the prestigious Delhi Mumbai Industrial Corridor (DMIC) that envisages building up of the industrial and commercial townships in seven states with modern transport infrastructure.

Encouraged by the response to the DMIC project, a similar project called Chennai Bengaluru Industrial Corridor (CBIC) is also being initiated.

Referring to the report “Challenges for India-Japan Investment Promotion Towards Expanding Exports through Investment” by the Japan External Trade Organization (JETRO), both sides also affirmed the importance of an all-inclusive initiative to further facilitate investments besides the on-going initiatives in DMIC and CBIC projects.

“Both sides committed to the formulation of an Action Plan to promote two-way investments between India and Japan based on three pillars - India-Japan business partnership; Cooperation with Central and State Governments on Investment promotion and Facilitation; and Improvement in business environment,” said the statement.

Both sides also committed to review the progress of the Action Plan annually, it added. (KNN/PC)