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Japan Telecom CEO assures Prasad of large investments in India

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New Delhi | Tuesday, Oct 28 2014 IST
Chairman and CEO of Japanese Telecom and Internet Giant Softbank, Masayoshi Son has assured of large Japanese investments in India while noting that the recent visit of Prime Minister Narendra Modi to their country has created a climate of hope and optimism about greater economic cooperation between the two countries.

This was communicated by Mr Son to Communications and Information Technology and Law and Justice Ravi Shankar Prasad when he met with him last evening.

Mr Masayoshi told the Minister that the recent visit of Mr Modi to Japan has created a climate of hope and optimism about greater economic cooperation between India and Japan. Mr Masayoshi also told the Minister that SoftBank would like to invest approximately 10 billion Dollars in India in the coming years.

He placed it on record that India was the topmost priority for SoftBank.

During their meeting, the two discussed issues relating to possibilities of SoftBank further investing in India. The Minister shared with Mr Masayoshi the Prime Minister's vision of Digital India and his ideas of "Speed, Scale and Skill" and "3Ds- Democracy, Demography and Demand".

Mr Prasad informed Mr Masayoshi about the incentives such as Electronic Manufacturing Clusters and MSIPS that the government was providing to boost electronic manufacturing in India.

Highlighting the great potential of India in the field of electronics and IT, the Minister welcomed SoftBank to enhance its investments in India. He also shared the Smart City project that this government has committed to develop and explained how this would create a huge demand for electronic goods and IT services in the coming years.

Mr Masayoshi further expressed immense faith in the great eCommerce potential of India. He estimated it to become a 0.5 trillion Dollars business in the next 10 years. Mr Masayoshi shared with the Minister that the growth of eCommerce would lead to employment generation in India by opening up new avenues. He further requested the Minister to develop a robust mobile phone infrastructure and sort out the issue relating to spectrum.

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