Chinese investment comes quicker than Japanese: Fadnavis
Mumbai: Maharashtra Chief Minister Devendra Fadnavis today praised the Chinese model of investment, saying they are quick to start financing after sealing deals, as compared to Japan that takes at least 2 years to start investing after deals are inked.
“In the beginning we had the Japanese who used to invest in our country and now we have China. The best thing about China is that they are quick to start financing once deals are inked. This is precisely the problem with Japan. It takes at least a couple of years to start a particular project after they agree to invest,” Fadnavis said in an informal interaction with reporters here.
He said Prime Minister Narendra Modi’s trip to the neighbouring country has changed the way bilateral talks are held between countries and added that more focus will now be given to talks between provinces.
Fadnavis said that Chinese infrastructure companies are highly keen on investing in the state and that they are ready to finance projects at an interest rate of 2-6 per cent per annum.
“Of everything else, infrastructure companies are most keen on investing here. I have spoken to some companies. They are keen on developing the Mumbai Trans Harbour link and have assured that they will build in 4 years. Infrastructure companies are also keen to invest in Mumbai Metro project, roads, bridges and power generation sector,” he said.
The Chief Minister said that Foxconn, an electronics contractor manufacturer, is keen to set up a base in the state and looks at India as an export market.
“Foxconn employs around 3 lakh people at one its manufacturing facility in China that I visited. That was the place where a majority of the parts of iPhone 6 have been built. The company thinks they can explore the export market from India. Their only concern is rupee volatility. They are figuring out a way to hedge the rupee,” he said.
Fadnavis returned to Maharashtra on May 18 after a six-day his tour to China with the Prime Minister.