Who: MoU & MoC
What: Signed between AP & Japan
When: 22 October 2015
Why: For development of infrastructure in AP
Government of Andhra Pradesh on 22 October 2015 signed a MoC for development of economic infrastructure and a MoU to develop Amaravati with the Government of Japan. They were signed on the sidelines of foundation stone laying ceremony of Amaravati, the new capital of Andhra Pradesh.
AP-Japan Memorandum of Cooperation (MoC)
• It was signed by the state chief minister N Chandrababu Naidu and Japanese State Minister for Economy, Trade and Industry (METI) Yosuke Takagi.
• Its primary objective is to accelerate industrial development in the state through effective policy coordination. To achieve this, Andhra Pradesh Investment Task Force will be established in Japan.
• Its focus is on development of industry, ports and super critical power stations and transfer of agriculture technology.
AP-Japan Memorandum of Understanding (MoU)
• It was signed between Andhra Pradesh Finance department and Japan Bank for International Cooperation (JBIC).
• Its focus is on inviting foreign investments and developing the state’s new capital city and the surrounding region.
Japan’s connection with Amaravati
Ancient Amaravati, from which the proposed capital derives its name, has long cultural ties with Japan. In Japan, around 34 percent of population practises Vajrayana Sect of Buddhism that was founded by Acharya Nagarjuna in Amaravati between 150 AD and 250 AD.