- Region: Asia
September 2, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on September 1, a memorandum of understanding (MOU) with GMR Infrastructure Limited (GMR), taking an opportunity of Prime Minister of India, H.E. Narendra Modi's official visit to Japan.
The objective of this MOU is to exchange information between JBIC and GMR to explore potential infrastructure development projects that could involve Japanese companies including industrial parks, power, energy, ports, airports, highways and railways.
It is estimated that there is a requirement for investment of about US $1 trillion in the infrastructure sector in India during the current 12th five-year plan period (2012 to 2017) and private sector investment is expected to play an important role in the field. On the other hand, the lack of infrastructure around the country has been a major subject for Japanese companies who have invested or are intended to invest in India. Through a framework of dialogue with this MOU between JBIC and GMR, JBIC intends to promote opportunities for Japanese companies to participate in infrastructure projects. This will serve to improve infrastructure in India and support development of the necessary foundation for Japanese companies' business activities in India.
As Japan's policy-based financial institution, JBIC will continue to support Japanese companies' businesses deployment in India and its neighboring countries, and will contribute to further deepening and developing economic relations between India and Japan.