Prime Minister Manmohan Singh invited greater investment from Japan on Thursday as he wants to conclude a Comprehensive Economic Partnership Agreement between the two countries.
In an interview to Nikkei Shimbun, Singh, who is on a visit to Japan, said that India required more than $500 billion investment in the coming 10 years.
Of this, he said, $320 billion would be required for the infrastructure development, which would be investment opportunity to foreign entrepreneurs.
Observing that the CEPA with Japan would be mutually beneficial and would accelerate the economic cooperation with Tokyo, the prime minister said the CEPA should include promotion on mutual investments and greater trade and services.
Expecting Japan to invest more in infrastructure, agriculture and education, he said India's objective was to achieve 10 per cent economic growth before the end of 2012.
He said because India has a fast developing economy, the demand for energy was very high and he would like Japan and other countries to cooperate in development of nuclear energy for civilian use and referred to the Indo-US nuclear accord.
Japanese entrepreneurs were unhappy with Indian regulations and lack of infrastructure in India but said his government has taken a number of steps to promote foreign investment, Singh noted.
He also indicated that the ceilings on foreign investment may be relaxed.
