Japanese firms see big business in Andhra Pradesh

Hyderabad: The Andhra Pradesh government signed four Memorandums of Understanding with Japan-based Sumitomo Corporation on Thursday. Isuzu has also come forward to set up a manufacturing unit for pick-up trucks in Sri City in Chittoor district.

Also, the Japanese International Cooperation Agency has assured to finance Japan-based companies to help establish their units in AP.

On the fourth day of  his Japan tour, AP Chief Minister N. Chandrababu Naidu and his team bagged  assurances from Japanese industrialists to invest in the state.

Thursday’s major achievement was the signing of four MoUs with Sumitomo Corporation related to the capital city development, and energy, food processing and agriculture sectors.

Mr Naidu announced that the AP government will set up a separate authority to deal with Japanese companies which are going to invest in AP.

Sumitomo shall held develop a world-class capital and smart city, and assist in sourcing funds from the Japanese government.

Mr Naidu met Isuzu Motors vice-president and director Masanori Katayama and expressed the government’s desire to establish a manufacturing unit for pick-up trucks in Sri City.

Mr Katayama said, “Since you  have come here personally, more Japanese firms might want to invest in AP.”

At another  meeting, Mr Naidu invited Japanese International Cooperation Agency to AP to set up a special authority for Japanese industrial parks.

JICA senior vice-president Hidaeki Domichi said, “Since AP is developing ports, it will be an attractive investment destination for Japanese businesses.”

Kubota Corporation general-manager Yuichi Kitao said they will work with JICA to invest in  AP.

The CM and his team met Mayewaka Company chairman Yoshiro Tanaka and discussed business opportunities in cold storage.