- Region: Asia
- Manufacturing and Services
September 2, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on September 1, a memorandum of understanding (MOU) with Export-Import Bank of India (EIBI), taking an opportunity of Prime Minister of India, H.E. Narendra Modi's official visit to Japan. The signing of this MOU between JBIC and EIBI is welcomed in the Fact Sheet: "India and Japan-Partners for Common Development" issued along with the Japan–India Joint Statement "Tokyo Declaration for Japan-India Special Strategic and Global Partnership" dated September 1, 2014.
The objective of this MOU is to explore the future cooperation between JBIC and EIBI for financing infrastructure development that will enhance regional connectivity and integration between India and its neighboring countries (the region), and for supporting financially Japanese exports and investment to the region.
High economic growth of the Indian economy driven mainly by strong domestic demand of 1.25 billion in population has offered an attractive direct investment climate in the region, and there has been growing interest in the business deployment of Japanese companies. At the same time, both the Government of India and the Government of Japan have discussed in the Joint Statement "Intensifying the Strategic and Global Partnership" dated January, 2014 the possibility of cooperation in building infrastructure that will enhance connectivity and regional integration in the region. Subsequently, the importance of regional connectivity and cooperation between the two countries was discussed in the India-Japan summit this time. This MOU will enhance the close relationship between JBIC and EIBI, and the cooperation between the two institutions will contribute to improving the business environment and supporting the deployment of business opportunities of Japanese companies in the region.
As Japan's policy-based financial institution, JBIC will continue to support Japanese companies' businesses deployment in India and its neighboring countries in collaboration with such foreign financial institutions, and will contribute to further deepening and developing economic relations between India and Japan.