In what could be the first substantive breakthrough in attracting FDI for the Mamata Banerjee government,the Japanese government has urged West Bengal to send an investment promotion mission of government and industry leaders to Tokyo with a list of projects for FDI. In fact,the change of political guard in the state after 34 years was boldly underlined by Japanese Ambassador Akitaka Saiki who visited the state early this month and met Banerjee and Finance Minister Amit Mitra. Speaking at a subsequent dinner,he said: Japan as a country has welcomed the historic change in Bengal and the number of Japanese businesses and level of investments should be increasing rapidly in West Bengal. The Japanese business community has found in the historic verdict in West Bengal a positive signal of increased investment opportunities. As for government-to-government assistance,he said: We are ready. We are waiting for the proposals to come for investments. This invite from Tokyo comes on the eve of the first industry-government interface to be held tomorrow where Chief Minister Banerjee will outline the states industrial priorities and policies. A day ahead, Robert Blake,US Assistant Secretary of State,South and Central Asian Affairs,will address the CII on US and Eastern India A Win Win Partnership. Speaking to The Indian Express,Japanese Consul General Mitsuo Kawaguchi said that after Akitaka Saikis visit to Kolkata,Tokyo is waiting for sector-specific proposals from the state government. Since then,a top official confirmed,the state government has been working overtime to complete project proposals for Japanese investment in a sweeping range of areas: roads and infrastructure,ports,food processing,setting up of cold chains,automobiles and automotive components,logistic hubs and downstream projects in the chemical and petrochemical sector. This is apart form the existing financial assistance in the extension of East-West Metro railway corridor now under progress. We are also looking into the Mumbai-Delhi corridor project being executed by the Japanese, said the senior state official. Asked if the tsunami and nuclear crisis would affect investment strategy in the state,Akitaka Saiki said: Japan has adopted a strategy of doing things in parallel. Even as we recover and reconstruct from the blow domestically,our business are going out. The Japanese offer comes at a crucial time as the Comprehensive Economic Partnership Agreement (CEPA) between Japan and India is coming into effect soon. It will become operative in August in just about two more months and under this there will be more scope for trade and investments flows, said an official. As far as current FDI in West Bengal is concerned,Japans MCC PTA India Corp,the Haldia-based arm of Mitsubishi Chemical Corporation of Japan,has invested over Rs 4000 crore. The company,in which the Bengal government owns a minority stake of 5 per cent,has further expansion plans,said D P Patra,Vice President,in tune with market requirements.
