Mumbai: India and Japan have stepped up negotiations on an economic pact and the multibillion dollar Mumbai-Delhi industrial corridor, ahead of Japanese prime minister Shinzo Abe's visit in New Delhi in late August.
Japan 's minister of economy, trade and industry Akira Amari is in New Delhi on a five-day business visit to the country. He is leading a delegation of top 15 corporate leaders, led by Suzuki Motor chairperson Osamu Suzuki.
Amari will meet commerce minister Kamal Nath and deputy chairperson of the planning commission Montek Singh Ahluwalia and discuss with them a host of trade-related issues with special focus on the Delhi-Mumbai industrial corridor project.
The ambitious industrial corridor project, now expected to cost $90-100 billion, will involve huge investments in industrial infrastructure. The Indian side will make a presentation to the Japanese side to increase funding for the project.
The project entails the development of a 1,483-km dedicated freight corridor between New Delhi and Mumbai. The project also includes building of airports, agro-processing parks and special economic zones, creating 4,000 MW of power generation facility and two ports in Gujarat and Maharashtra .
The industrial corridor project, which was initiated during prime minister Manmohan Singh's visit to Japan in December 2006, is likely to be finalised during Abe's visit to India.
The first phase of the project is expected to be completed by 2012 while the second and last phase of the project will be completed by 2016.