India, Japan MoU on freight corridor in Aug

India and Japan will next month sign an agreement for a dedicated rail freight corridor connecting Delhi, Mumbai and Kolkata, which will significantly reduce the time taken for transporting goods from one metro to another.

"We are likely to sign it (MoU) next month when the Japanese Prime Minister visits India," commerce secretary G K Pillai told reporters on the sidelines of a seminar in Chennai.

He said about 200 freight trains would ply on the corridor and help Indian Railways wean away goods traffic from the roads.

Earlier, addressing a seminar on "SEZs-Prospects and Challenges," he said investments in the 133 notified Special Economic Zones was expected to increase to Rs 1,00,000 crore (Rs 1000 billion) by the end of this year from the current about Rs 43,000 crore (Rs 430 billion).

The ministry was expecting over Rs 3,00,000 crore (Rs 3000 billion) to be invested and about 3-4 lakh jobs to be created by the end of 2009 in the SEZs, he said. "Right now, the SEZ policy has stabilised," he said.