K'taka CM urges Japan to strengthen partnership in state, pitches for Japanese investment

Karnataka Chief Minister BS Yediyurappa on Wednesday urged Japan to strengthen their partnership in the state, while addressing the Indo-Japan Business Forum. The Chief Minister said India and Japan are 'natural partners' and would like to grow the partnership further.

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The Chief Minister further said the two countries have shared values as they both have belief in democracy, individual freedom and the rule of law. Emphasising that India-Japan relationship has transformed into a partnership of great substance and purpose, the Chief Minister said that to achieve more significant economic transformation, India encourages FDI investment from Japanese companies in all sectors.

"India-Japan Comprehensive Economic Partnership Agreement is a comprehensive deal covering both trades in goods and services", he said at the virtual meet.

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Japan is an important partner

India is one of the most attractive investment destinations for Japanese companies, the Chief Minister said. He further added that 
the FDI from Japan to India increased from USD 1.6 billion in 2017-18 to USD 3.2 billion in 2019-20. "For us in Karnataka, Japan is an important partner," he said.

He further mentioned that Karnataka is also one of the first states to lift the COVID-19 related lockdown gradually and re-start economic activities. Karnataka is at the forefront of attracting FDI into the country, he said and assured that the state will set the benchmark as it progresses beyond the COVID-19 phase.

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The Chief Minister further underlined that Karnataka has set up a Japanese Industrial Township at Vasanthanarasapura near Tumkuru town. Approximately 519 acres of land has been developed and made ready with infrastructure facilities such as roads, power, and water supply, he informed.

Steps taken by the state govt to ease out business

Furthermore, the CM also said that his government has taken several steps to ensure investors find it easy to do business in Karnataka in a simplified process. The state govt has set up a single-window for investors and engaged in regular discussion with the industry to create a stable, policy-driven environment, the CM said.

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(With ANI inputs)