PM's visit to Japan likely to push bilateral trade to $12bn by 2010

08 Dec '06

4 min read

Just before Prime Minister, Dr. Manmohan Singh leaves for his official visit to Japan, early next week, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has projected that the two-way trade between India and Japan would touch US$ 12 billion by 2010 from current level of approximately US$ 7 billion, according to a Paper brought out by ASSOCHAM on Indo-Japan Business Ties.

The Chamber which is sending a 25-member high-power business delegation with the Prime Minister's entourage has identified 6 key areas in which Indo-Japanese trade collaboration could flourish include IT & communication, architectural, engineering & construction services, audio-visual & entertainment services, healthcare and financial services and tourism & travel related services.

The Paper which would shortly be submitted to the Prime Minister's Office as well as in the Ministry of Commerce & Industry says that consistent efforts towards strengthening the trade network between Indian and Japan are needed to be put in to realise the projected trade potential of $ 12 billion.

The current two-way Indo-Japan trade of $ 7 billion is not commensurate with the two countries economic power and potential as Japan ranks 10th among India's export destinations and India ranks 26th among Japan's export destinations.

2.5 percent of our total exports are done to Japan, the potential for which could be enhanced manifold, said ASSOCHAM President, Mr. Anil K Agarwal while commenting on its Paper on Indo-Japan Business Ties.

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