BOMBAY Feb I: Japanese companies are aiming to be come India s biggest foreign investors by the turn of the century, despite criticism they are latecomers to the market, members of a Japanese business delegation said yesterday.

"We might have been late but we wanted to be more convinced of the pace of reforms in India. Today it looks good, and as the reforms here get better we can hope to be the biggest investors in this country.” Masaya Miyoshi told Reuters.

Miyoshi is President and Director-General of Keidanren, a forum of leading Japanese business and industry figures, and he Is leading a top Keidanren team in India to meet select industrialists and government officials.

Katsuhiro Utada, honorary chairman of Food Processor Ajinomoto Co and joint leader of the Keidanren team explained the late entry of Ilie Japanese into India.

"But this is because the decision-making process is very slow in Japan.’ he said.

We do plenty of research, and also there is lots of discussion. so the process is time-consuming, but once we have - decided: we invest speedily and with an eye to,the future.”

The Keldenren trip follows a high profile visit this month by US Commerce Secretary Ron Brown, who tied up 7 billion dollar worth of deals during this week-long stay. ,

This is the first time that Keidanren. comprising more than 1.000 Japanese firms, has

sent an official delegation to India. Miyoshi said.

He said India could emerge as a major focus for his coun tfy’s industrialists as Japan s economy recovers from near stagnant growth.

"People have criticised us for being slow to react to .India's economic reforms." Miyoshi said.

"People said the same 20 years ago when it came to Southeast Asia. Today we are the biggest in that region. The same thing will happen to India."

He said the tour was more than a fact-finding mission and was aimed at Seeking Joint venture partners in select areas of industry

"Electronics, technical ap-’ * pliances. vehicles and electrical goods will be our focus of attention." Miyoshi said. "We will not invest in infrastruc-

ture. India should know how to build the best Infrastructure."

Miyoshi said India's political freedom could lead, to some Japanese businessmen giving preference to India over China.

"Last year we invested more than 2 billion dollar in China but today that country looks uncertain. No one knows what will happen after Deng (China's 90-year old paramount leader) dies.” said Miyoshi.

But members of the Japanese delegation said the lack of basic Infrastructure in India was a deterrent.

"A lot of Japanese firms would be interested to invest in India if they could be sure there were proper facilities — roads and communications — available for them." Taisuke Shimizu. Senior Managing Director of The Bank of Tokyo, told Reuters.