The Andhra Pradesh Economic Development Board (APEDB) and the Mitsubishi UFJ Financial Group Bank (MUFG Bank) entered into a Memorandum of Understanding (MoU) on Tuesday that sought to focus on investments in Andhra Pradesh by companies from Japan and East-Asian countries.
As per a release, the MoU was signed by APEDB Chief Executive Officer and Department of Industries Commissioner G. Srijana and MUFG India Head Kenichiro Kawase in the presence of Kazuyoshi Shibatani, Managing Director and India Head of Planning & Strategy (Japanese Corporate).
Yukihiro Takeda, Managing Director and Head of Chennai and Srilanka branches, was present virtually.
The MoU with MUFH Bank establishes a partnership between MUFG and APEDB across investment promotion, banking and financial inclusion.
Speaking on the occasion, Dr. Srijana said, consistently ranked No.1 in Ease-of- Doing Business, Andhra Pradesh was gradually emerging as an ideal destination for foreign investments.
“With the presence of more than 25 Japanese companies at the Japanese Industrial Township in the State, Japan has been one of the top investors,” she said, and added that A.P. was looking forward to conducting a roadshow in Japan in the light of the Global Investors Summit-2023, which was to be held on 3rd and 4th of March, 2023.
Mr. Kazuyoshi Shibatani said India continued to be a key market for MUFG’s network, and the bank’s association with APEDB shall provide a wide range of opportunities for the Japanese companies investing in Andhra Pradesh.
The MoU is also likely to make a way for MUFG and APEDB to work in the area of financial inclusion and investment promotion by creating a scope for more lucrative partnerships in the State.
APEDB vice-president Prasad Savarapu and others representing MUFB Bank and APEDB were present.
MUFG Bank is Japan’s largest bank with offices throughout Japan and in 40 other countries.
Published - November 29, 2022 09:14 pm IST
