Thaindian News

New Delhi, Dec 27 (IANS) Japanese Prime Minister Yoshihiko Noda Tuesday called for stronger economic ties with India as he began a two-day visit here, during which the two sides are expected to sign a currency swap deal and discuss the revival of civil nuclear cooperation negotiations.

“I look forward to talks with Indian Prime Minister Manmohan Singh to strengthen bilateral ties,” Noda said at a function organised by the India Centre Foundation to unveil the second India-Japan Global Partnership summit to he held in 2013.

Underlining “mutual economic complementarity” between the two countries, Noda pitched for stronger economic relations saying: “Japan has capital and technology and India has a young Indian population and an abundant demand for infrastructure.”

This is Noda’s first visit to India since he became the prime minister of Japan in September this year.

In a lighter vein, Noda said although the Himachali cap he was presented by the organisers did not fit him, his large head was full of dreams for stronger India-Japan relations.

Railways Minister Dinesh Trivedi, Haryana Chief Minister Bhupinder Singh Hooda and Jharkhand Chief Minister Arjun Munda were also present at the function and spoke about the need for developing stronger bilateral relations between India and Japan.

Munda is expected to meet Noda and press for Japanese financial assistance for infrasrructure projects in his state.

Describing India as an engine of growth for global economy, Trivedi pushed for closer collaboration with Japan in the development of the Indian rail infrastructure.

India is expected to press Japan, which has played a key role in building Delhi Metro, for access to bullet trains technologies.

Manmohan Singh will hold talks with Noda Wednesday evening on a wide range of bilateral, regional and global issues that include civil nuclear cooperation, trade and investment, maritime security, counter-terrorism, anti-piracy cooperation, the UN reforms and the evolving East Asia architecture.

The two leaders will also review the India-Japan-US trilateral meeting that was held last week.

After the talks, the two sides are likely to sign a currency swap accord, estimated at $10 billion, that could help stem the slide in the value of rupee.

The two leaders are expected to review the status of civil nuclear negotiations for which three rounds have already been held but which was stalled after the March 11 Fukushima radiation disaster.

Since then, there have been informal consultations, said Gautam Bambawale, joint secretary in charge of East Asia in the external affairs minsitry.

At the talks, India is likely to press for the revival of the stalled negotiations and push the process of concluding a nuclear deal with Japan, a leader in civil nuclear technology that depends on nuclear power for over 30 percent of its energy needs.

Early this year, Japan removed seven Indian entities from its Foreign End User List, which included Indian Rare Earths Limited.

India is also hoping that the visit of the Japanese leader will spur the flow of greater Japanese FDI in all sectors of Indian industry.

In the last two years, Japanese FDI into India has amounted to $3.62 billion, concentrated mostly in sectors such as automobiles, electronics, financial services and telecom. Bilateral trade has reached $13.2 billion.