NEW DELHI (PTI): Japanese businessmen on Nov.26 expressed disappointment that the Indian government was yet to meet their demands to facilitate increased Japanese investments in the country.
At a Press conference held in Indian capital of New Delhi to brief on the decisions arrived at during the two day India Japan standing committee meeting, the Japanese delegation leader, Kanchi Kadono, said his country was concerned at the ‘slow pace’ of reforms in India.
According to Kadono, who is the chairman of the standing committee, of the 21 demands put forward by the Japanese businessmen a few months back, only three or four have been fully met.
Japan is seeking allowing of repatriation of full profits in hard currency from their companies that are set up in India.
Kadono said Japanese investment in India can be substantially increased if provisions like the right to close down unviable companies are allowed and the Unions are not permitted to interfere in the “work ethics’ that will be required to be followed in the Japanese companies.
Following the request of the power minister, N.K.P.Salve, during his recent visit to Japan, it has been decided to send a high level power delegation to consider undertaking investments in the Indian power sector, Kadono added.
Article extracted from this publication >> December 3, 1993
