A number of Japanese companies are finalizing investment plans in BJP-ruled state of Gujarat. The names of the new investors and possible amount of investments are likely to be made public during chief minister Narendra Modi's proposed 5-day-long visit to Japan beginning July 22, a senior Japanese official connected to the development told ET.
Modi was originally scheduled to visit Japan between July 16 and 21, mainly to woo investors, but the visit was postponed by a week because the dates were clashed with India's Presidential poll scheduled on July 19.
Currently, only 29 Japanese companies including DIC, Orix, Ricco, Hitachi Appliances, Panasonic etc have Gujarat chapters though there are 120 Japanese companies being active in India.
Modi is likely to visit Tokyo, Hamamatsu and Nagoya. The chief minister may also visit Osaka though it's not confirmed as yet, said the official. Maruti Suzuki's recent decision to make forays into Gujarat and have a production facility near Mehsana in north Gujarat has boosted Japanese investor's sentiments, the official further said.
Significantly, Gujarat is one of the six states where Delhi Mumbai Industrial Corridor (DMIC) is being built. Japan is a partner country in the DMIC project.
N Noguchi, chief director general of Japan External Trade Organization (JETRO) in India, confirmed that the CEOs of a large number of Japanese companies would interact with Modi at Tokyo and Nagoya. "We expect 300 to 400 top executives of Japanese companies would gather to attend Mr Modi's function", Noguchi said.
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