Chennai: “India has been one of the most attractive investment destination for Japanese companies. It is noteworthy that a loan of 384 million Japanese Yen has been granted to support India’s projects like housing, transportation and environmental projects,” said executive vice president, NSK limited, Mastada Fumoto at an event held at the Indo-Japan Chamber of Commerce and Industry, here.

IJCCI celebrated its Chambers day, on Tuesday, which also marked the 30th year of the chamber, having been established in 1989.

Mastada Fumoto, who was the chief guest, said Japan’s strength lies not only in engaging in business relationships with India but also in cultural exchanges.

Speaking during the event, president of IJCCI, N Kumar, said, “India and Japan are at crossroads in business and politics today. With the election of Modi as the Prime Minister (again), I believe our partnership will only be strengthened further. The Japanese consulate is Chennai is a solid support to us and with their partnership, we will strengthen our chamber and work towards bolstering our friendship with Japan.”

Speaking about the trade relations between the two countries, Principal Chief Commissioner of Customs, Chennai Zone, Ajith Kumar, said, “There are more than 1,500 companies in India from Japan and 300 are in Chennai itself. In January, 14 MoUs have been signed with the companies in Japan and Chennai. So, definitely we are looking at a period where we are going to have more and more trade relationships.”

Rane Group chairman L Ganesh said the firm has established a joint venture with two Japanese Companies.

“‘We have learnt a lot through this collaboration. Mutual trust plays a crucial part in relationship with Japanese companies. Establishing a mutual trust takes time, but once established, it lasts a lifetime. The unique approach of Japanese partners is that once the mutual trust is established, relationship rather than contract becomes more important. Mutual respect, dignity and understanding cultural values of the local environment form the basis of working together,” he said.

“Our two joint venture partnerships – one for 20 years and the other for 30 years have been extremely successful. We look forward to strengthening our relationship with current partners and look for more opportunities with Japanese partnerships,” he added.

The event also saw participation from Consul-General of Japan, Kojiro Uchiyama.