Commerce and Industry Minister Piyush Goyal has called on Japanese companies to increase their investments and build stronger industrial partnerships in India. During his visit to Japan, Goyal highlighted Suzuki’s success in India as an example of the opportunities available to Japanese businesses.
He said India wants more Japanese companies to build large, globally competitive businesses from the country.
India Wants 1,580 Suzukis
Goyal pointed to the presence of around 1,580 Japanese companies operating in India and said the country should aim to create many more success stories like Suzuki.
“We want 1,580 Suzukis to emerge from India,” he said, stressing the potential for Japanese businesses and Indian industry to work together.
Goyal also noted that Suzuki’s market capitalisation in India is higher than that of its parent company, showing the scale and strength of its Indian operations. He said India is increasingly becoming a base for some of the world’s largest and most profitable businesses.
Over 220 Industry Representatives Join Visit
More than 220 Indian industry representatives are accompanying Goyal during his Japan visit from August 24 to 27. The delegation is working to strengthen trade, investment and industrial cooperation between India and Japan.
One of the main issues under discussion is the review of the 2011 India-Japan trade agreement. Both sides are also looking at ways to reduce India’s trade deficit with Japan.
Bilateral trade currently stands at around $27.47 billion, with India importing large volumes of specialised manufacturing equipment and technology products from Japan.
Energy Mobility and Pharma in Focus
Goyal held discussions with Sumitomo Corporation CEO Shingo Ueno on expanding the Japanese company’s presence in India. Talks covered energy transition, mobility and industrial infrastructure.
He also met Toshiaki Nagasato, president and representative director of Meiji Seika Pharma, to discuss cooperation in pharmaceuticals, manufacturing and research and development.
Meiji Seika Pharma is exploring a potential partnership with India’s Serum Institute for the supply of a Japanese encephalitis vaccine.
Semiconductor and Critical Minerals Cooperation
India and Japan are also looking to expand their partnership in strategic sectors, including semiconductors, critical minerals and pharmaceuticals.
Japan has set a target of investing $62 billion in India over the next 10 years. Around $1.2 billion of this amount has already been invested.
Goyal also met Juro Baba, representative director of Mitsubishi Corporation, with discussions covering mobility, energy and infrastructure.
Indian Delegation to Visit Japanese Companies
The Indian delegation has also held discussions with Keidanren, the Japan Chamber of Commerce and Industry, the Fintech Association of Japan and the Japan Aerospace Exploration Agency.
As part of the visit, Indian industry representatives are scheduled to visit facilities operated by major Japanese companies such as Hitachi, Daikin, Panasonic, Omron and HORIBA.
These visits are aimed at encouraging knowledge-sharing, understanding Japanese technologies and identifying new investment and industrial partnership opportunities.
The broader objective of Goyal’s Japan visit is to deepen India-Japan economic ties and encourage more Japanese companies to invest, manufacture, innovate and expand from India to global markets.
