Toyota Tsusho Signs MOU with Indian State of Gujarat and JBIC to Promote Industrial Park Business
-JBIC to invest in Toyota Tsusho Group industrial park operator-
Toyota Tsusho Corporation ("Toyota Tsusho") announces that it signed a memorandum of understanding (MOU) with the Indian State of Gujarat and the Japan Bank for International Cooperation ("JBIC") on January 10 to jointly promote the industrial park business in India.
The MOU was signed during the "Vibrant Gujarat" investment summit being held in the State of Gujarat. In attendance for the signing were Mr. Taneja, Additional Chief Secretary to the Gujarat Industries & Mines Department; Ms. Thara, Managing Director of the Gujarat Industrial Development Corporation; Mr. Shinji Fujino, Managing Executive Officer of JBIC; Yasuhiko Yokoi, Executive Vice President of Toyota Tsusho; and Shizuka Hayashi, Managing Executive Officer of Toyota Tsusho.
Toyota Tsusho Group company TechnoTrends AutoPark Private Limited ("TechnoTrends AutoPark") operates plug-and-play rental factories*1 in Mandal Industrial Park, which is supported by Japan's Ministry of Economy, Trade and Industry and the Japan Export Trade Organization ("JETRO"). Under the MOU, the partners will promote the following initiatives at the industrial park:
1. Toyota Tsusho will promote Japanese companies' expansion and investment in India.
2. JBIC will acquire an ownership stake in TechnoTrends AutoPark to assist Japanese companies in leasing plug-and-play factories and expanding their business outside Japan.
3. The State of Gujarat will take initiatives to further develop the Mandal Industrial Park hosting TechnoTrends AutoPark.
4. The State of Gujarat will assist TechnoTrends AutoPark and Japanese companies in the industrial park with various types of business procedures and approvals.
In conjunction with the MOU signing, JBIC will make an investment of as much as 488 million rupees (approximately ¥800 million) in TechnoTrends AutoPark.
Toyota Tsusho launched its first techno-park (industrial park) in Bangalore, India in 1998 to support local automobile production. Today, the company operates a total of seven techno-parks worldwide, consisting of four techno-parks in India and sites in Thailand, Indonesia, and Cambodia. At the techno-park in Gujarat opened in January 2017, the company offers not only plug-and-play rental factory space, but also support for company establishment, government approvals, commuter buses, cafeterias, and operation of common infrastructure. Through these services, the Toyota Tsusho Group ensures that Japanese companies entering India enjoy a secure and safe business environment.
Toyota Tsusho has positioned India as a priority market. With this new MOU, Toyota Tsusho will contribute to promoting "Make in India" by supporting the entry and investment by Japanese companies in the country.
*Plug-and-play rental factory
Leased land, facilities, power and water, support for business approvals and related services enabling companies to simply plug in their business concept and begin operations.