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Japan and Tamil Nadu ink major infrastructure project

Japan and the Tamil Nadu government have signed a memorandum of understanding to take forward the Chennai-Bangalore industrial corridor project.

Since 2000, Japanese companies have invested around US$5.3 billion in Tamil Nadu.

The strategic project envisages building six lane roads, a high speed rail network and industrial estates along the route, IANS reports.

The agreement would encourage more Japanese companies to invest in Tamil Nadu and also increase networking between the business communities of the south Indian state and the Japanese prefecture of Hiroshima.

The MoU also includes exchanges between Tamil Nadu and Japanese universities.

Meanwhile, Japan and India are to undertake a bilateral initiative on rare earth materials, whose production is currently monopolised by China.

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