India and Japan agree on eight-fold initiative to boost ties
New Delhi: India and Japan have agreed on an eight-fold initiative that includes comprehensive economic engagement through expansion of trade in goods and services, investment flows and other areas of economic co-operation, apart from exploration of an economic partnership agreement.

According to a statement issued by the two nations at the conclusion of a three-day official visit of the Japanese Prime Minister, Junichiro Koizumi, to India, the two countries also agreed that regionally they would strive to develop closer dialogue and collaboration to secure peace, stability, and prosperity in Asia, apart from exploring new architecture for closer regional co-operation.

Similarly, globally India and Japan would strengthen co-operation in diverse areas such as environment, energy, disarmament, non-proliferation and security, taking advantage of, and further building on, their strategic convergences.

Specific areas of co-operation identified in the joint statement include the launch of an oil and natural gas co-operation dialogue, and setting up of a joint study group to suggest measures to enhance trade and look into the feasibility of the two countries moving towards a liberalised and upgraded framework for economic engagement, including an India-Japan Economic Partnership agreement.

It was also decided that the policy dialogue recently launched between the Ministry of Commerce and Industry and the Japanese METI would be utilised to identify and implement measures required for removing impediments and facilitating closer economic ties.

The two countries would also examine whether the Japan Special Terms for Economic Partnership (STEP) scheme could be utilised for large-scale infrastructure projects in India.

It was decided to examine the feasibility of a dedicated multi-modal high axle load freight corridor could be constructed on the Delhi-Mumbai and Delhi-Howrah routes.

The two sides have also decided to increase air and shipping links.
Back to News Review index page  

US lauds India for Patent law
Washington: United States has termed as "significant" India's enactment of a new Patent Law, saying it would consider actions that would "acknowledge" progress in the area.

"India took a significant step to improve its patent protection regime this year with passage of a new Patent Amendment", acting US Trade Representative Peter Allgeier has said.He said the US was closely monitoring its implementation and would consider "actions that would acknowledge progress in this area".

But America has still put India on its Priority Watch list, alleging protection of intellectual property in many areas remained 'weak'. The USTR said that "protection of intellectual property in many areas remains weak due in part to inadequate laws and effective enforcement," adding "consequently, India will remain on these areas of Priority Watch List."

The US yesterday released its annual 'Special 301' report on adequacy and effectiveness of intellectual property rights protection around the world.

The USTR alleged that copyright piracy was also "rampant" and that the American copyright industry estimates of lost sales from piracy in India of US motion pictures, sound recordings, music compositions and books totalled "approximately $500 million in 2004".

The trade representative also pointed to the issue of piracy in the optical media in the country. "India has not adopted an optical disc law to address optical media piracy and was also not a party to WTO Internet treaties," he said.

"We understand, however, that India is in the process of discussing amendments to the Indian Copyright Act which would enable India to implement these treaties," he added.

Allgeier claimed that India's criminal IPR enforcement regime remained 'weak' in multiple areas, including border protection against counterfeit pirated goods, police action against pirates and in obtaining convictions, hoped the country would 'address' these issues thereby "strengthen the IPR regime".
Back to News Review index page  

India Inc. to invest Rs30,000 crore in Madhya Pradesh
New Delhi: Indian industry majors have pledged investments worth around Rs30,000 crore to Madhya Pradesh, according to a PHDCCI release here. These promises have been made at the chamber's first State-level centenary programme at Bhopal during an interactive meeting with the state's Chief Minister, Babulal Gaur.

The investments will come in sectors such as textiles, telecom, IT, petroleum and pharma. The most significant announcement was the MoU to be signed in a fortnight for a six-million-tonne oil refinery in Bina by Bharat Petroleum.

S.P. Oswal, Chairman, Mahavir Spinning Mills, announced his company's decision to invest Rs700 crore in a composite textile facility in composing spinning, weaving and readymade garments at Badni. Telecom major AirTel plans to invest over Rs100 crore in the next five years to strengthen the State's telecom network.
Pharma major Ranbaxy has promised to double its capacity at the Dewas plant with substantial investment. The LNJ Bhilwara Group announced expansion of its production capacity of electro graphite at an investment of Rs500 crore.

Raghupati Singhania of J K Tyre and Chairman, PHDCCI Centenary Celebration Committee committed Rs200 crore.

The Hotline Group of Companies' Chairman, Anil Gupta, has announced an investment of Rs1,000 crore at Malanpur, Gwalior to expand its picture tube capacity. S.K. Chaudhary of Pratibha Syntex Ltd said he would invest Rs800 crore, including Rs400 crore for the Tehri tower project in the Indore SEZ.
Back to News Review index page  

Kochi to be venue for `Smart City'
Kochi: The Kerala Government and the Dubai Internet City (DIC) have, in principle, agreed to set up a 'Smart City' on the outskirts of Kochi in order to house IT companies. The Dubai Internet City (DIC) is the biggest IT infrastructure provider in West Asia.
The Smart City, estimated to entail an investment of Rs1,500 crore, is expected to add a new dimension to Kerala's efforts to attract IT companies.

After months of discussions, which has now culminated in the understanding, the State Government and DIC are expected to sign a memorandum of understanding soon, officials said. The Smart City will come up on 389 acres identified by the Government.

Earlier, differences between the State and the DIC cropped up mainly on pricing of the land. Once completed, the project is expected to generate 33,000 jobs. DIC would market the facility to international IT and BPO companies.

Though Kerala has lagged behind other Southern States in attracting investments, of late it has been able to emerge as a potential destination for technology firms, with leading software firms such as TCS, Infosys, and Wipro already setting up facilities in Kerala.

The State currently has a Technopark in Thiruvananthapuram and a Infopark in Kochi.
Back to News Review index page