Image Credit source: ANI
The agreement will help DFC expand investment in India in key private sector-led projects such as renewable energy, agriculture, healthcare and SME financing.
India and the US on Monday signed an investment promotion agreement. This agreement will boost American investment in key areas of the country. On the sidelines of the Quad summit, Foreign Secretary Vinay Kwatra and Scott Nathan, Chief Executive Officer (CEO) of the International Development Finance Corporation (DFC) of the US, signed the India-US Investment Promotion Agreement (IIA). Ministry of External Affairs spokesperson Arindam Bagchi said, “The signing of the IIA will enhance the investment support of DFCs in India. This will encourage US investment in key areas of the country. The agreement will help DFC expand investment in India in key private sector-led projects such as renewable energy, agriculture, healthcare and SME financing.
Foreign Secretary Vinay Kwatra and CEO @DFCgov Scott Nathan sign the India-USA Investment Incentive Agreement (IIA).
The signing of IIA would lead to enhanced investment support provided by @DFCgov in India, thereby encouraging investment in key sectors. pic.twitter.com/B4kK68KAJT
— Arindam Bagchi (@MEAIndia) May 23, 2022
PM Modi talks to CEOs of 34 companies
Let us tell you that on the first day of his visit to Japan, Prime Minister Narendra Modi chaired a round table meeting with Japanese business leaders here, which was attended by top executives and CEOs of 34 Japanese companies. Most of these companies have investments and operations in India. During this, PM Modi invited these leaders to ‘Make in India for the world’. The Prime Minister emphasized that India and Japan are natural partners. He lauded the business community as the flag bearers of the immense potential of India-Japan relations. Modi also mentioned initiatives such as the India-Japan Industrial Competitiveness Partnership (IJICP) and the Clean Energy Partnership. He talked about initiatives like National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) Scheme and Semiconductor Policy and also highlighted India’s strong startup environment.
These companies were present in the meeting
Top executives from major companies such as Honda Motor Company, Toyota Motor Corporation, Suzuki Motor Corporation, Sumitomo Chemical Company, Kawasaki Heavy Industries, Fujitsu, Nippon Steel Corporation and Mitsubishi Corporation participated in the meeting. Major business bodies and organizations from India and Japan such as Kidren, Japan Foreign Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India also attended the meeting.
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