India, Japan target trade to reach $25 bn mark by 2014
Kolkata: The bilateral trade between India and Japan has been targeted to almost double to USD 25 billion by 2014, Consul General of Japan Mitsuo Kawaguchi said Friday.
"The value of two-way trade between our two countries has reached USD 14 billion in 2010-11. Target is to increase it to the USD 25 billion mark by 2014. I think it won't be an over ambitious target because our bilateral trade is still far below potential and there is enough room to expand it," he said at an event organised by Calcutta Chamber of Commerce.
He said India's export to Japan had started showing an uptrend even before the Comprehensive Economic Partnership Agreement was signed. The CEPA was signed in February 2011 and came into force in August last year.
India's export to Japan was about USD five billion in 2010-11, against around USD 3 billion earlier.
Kawaguchi said India's exports to Japan mainly included mineral fuels, mineral oils, natural and cultured pearls, precious and semi-precious stones, iron and steel, fish and crustaceans, and fodder.
On the other hand, Japan exports items to India include boilers, machinery appliances, optical, medical and surgical instruments, and articles of iron and steel.
Besides, he said, foreign direct investment from Japan to India between April 2000 and 2019 was USD 13.3 billion, placing that country in the fourth place after Mauritius, Singapore and Britain.