The Prime Ministers of India and Japan have decided to enhance the earlier bilateral currency swap arrangement to USD 15 billion from the current USD 3 billion.

A joint statement, issued after official level talks between the Japanese Prime Minister, Mr Yoshihiko Noda and the Prime Minister, Dr Manmohan Singh, expressed the hope that this enhancement will further strengthen financial cooperation, contribute to ensuring financial market stability and further develop growing economic and trade ties between the two countries.

Stressing on the importance of infrastructure development between Chennai and Bangalore, wherein an increasing number of Japanese companies have made direct investment, the two leaders decided to strengthen efforts to improve infrastructure such as ports, industrial parks and their surrounding facilities in Ennore, Chennai and adjoining areas.

Mr Noda conveyed Japan's intentions to extend financial and technical support to the preparation of India's comprehensive integrated master plan of this region.

(Sourced from BL)