Prime Minister Narendra Modi, who is on a 2-day visit to Japan, held an imperative meeting with top executives & CEOs from more than 30 Japanese companies to further cement the India-Japan business ecosystem.
It is noteworthy that these companies represented various sectors including automobiles, electronics, semiconductors, steel, technology, trading, and banking & finance. Further, major business bodies and organizations from India and Japan such as Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India also took part in the meeting.
Notably, the majority of these top executives and CEOs of 34 Japanese companies have major investments and operations in India.
Prime Minister Narendra Modi lauded the business community as brand ambassadors of the immense potential of India-Japan ties and said, “During the visit of Prime Minister Kishida to India in March 2022, both countries had set an ambitious target of investment of Japanese Yen 5 trillion over the next 5 years.”
The Prime Minister apprised the Japanese business leaders of the recent reforms undertaken by India to improve the ease of doing business and invited them to ‘Make in India for the World’.
Highlighting the recent developments in economic ties, PM Modi mentioned about India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others.
Further, he talked about initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust startup ecosystem of India.
India and Japan: The natural partners
Stating India and Japan are natural partners, the Prime Minister noted that despite the slowdown in global Foreign Direct Investment (FDI), India has attracted a record FDI of USD 84 billion in FY 21-22.
Terming confidence in India’s economic potential, PM Modi invited greater participation by Japanese companies in India and also proposed celebrating Japan’s contribution to India’s development journey in the form of a ‘Japan Week’.
Meeting with Board Director and Founder of Softbank Corporation
Earlier today, the Prime Minister met Masayoshi Son, Board Director and Founder, Softbank Corporation in Tokyo and he appreciated Softbank’s role in India’s startup sector.
Both dignitaries discussed Softbank’s future participation in India in key areas such as technology, energy, and finance. They also discussed various reforms being undertaken to enable ease of doing business in India. Further, specific proposals were also shared with Softbank where it could enhance its investments in India.
Meeting with Senior Advisor of Suzuki Motor Corporation
Prime Minister Narendra Modi also held a meeting with Osamu Suzuki, Senior Advisor, Suzuki Motor Corporation, and recalled Suzuki’s association and contribution to India.
PM appreciated the transformational role of Suzuki Motors in the automotive industry of India. They appreciated that Suzuki Motor Gujarat Pvt. Ltd. and Maruti Suzuki India Ltd. were among the applicants approved under the Production Linked Incentives (PLI) scheme in the automobile and auto component sector.
Meeting with Chairman, President & CEO of Fast Retailing Co. Ltd.
The Prime Minister met Tadashi Yanai, Chairman, President & CEO of Fast Retailing Co. Ltd., the parent company of Uniqlo, and discussed the rapidly growing textile and apparel market of India and investment opportunities under the Production Linked Incentive (PLI) scheme.
They also discussed various reforms being undertaken to enable ease of doing business for foreign investors in India including in the areas of industrial development, infrastructure, taxation, and labor.
Further, PM Modi invited Uniqlo’s enhanced participation in India’s journey to becoming a manufacturing hub for textiles, particularly the use of technologies in textile manufacturing.
Meeting with Chairman of NEC Corporation
To bolster India’s telecommunication industry, PM Modi met Dr. Nobuhiro Endo, Chairman, of NEC Corporation, and appreciated NEC’s role in India’s telecommunication sector, especially in undertaking Chennai-Andaman & Nicobar Islands (CANI) and Kochi-Lakshadweep Islands (KLI) OFC projects.
Both of them discussed steps taken to enable ease of doing business in India including industrial development, taxation and labour.
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