Union Commerce and Industry Minister Piyush Goyal recently wrapped up a productive four-day visit to Japan, where he emphasized the growing interest of Japanese enterprises in bolstering their investments, manufacturing capabilities, and technological collaborations with India. Accompanied by a substantial business delegation of nearly 200 delegates, Goyal engaged with Japanese companies from key sectors including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
During the visit, Goyal noted that the discussions with Japanese businesses were already paving the way for potential investment opportunities. Notably, a Japanese robotics firm identified an Indian partner for investment and expressed plans to explore the manufacturing of robots within India. This move is indicative of the broader aim to expand the presence of Japanese companies in India. Currently, approximately 1,500 Japanese firms operate in the country, and there is a concerted effort to significantly increase Japanese investments, especially in emerging industries.
A significant aspect of the visit was the initiation of discussions aimed at reviewing the India-Japan Comprehensive Economic Partnership Agreement. Both nations are keen to address regulatory concerns and explore further avenues for business-to-business cooperation. These discussions are part of a broader strategy to enhance trade and investment ties between the two countries.
India and Japan are setting ambitious targets for their economic partnership, with bilateral trade projected to reach $27.47 billion in the fiscal year 2025-26. The long-term vision is even more promising, with both countries aiming to boost this figure to $50 billion by 2030. This prospective growth underscores the potential for strengthened economic ties and increased collaboration in various sectors.